FINRA Docks StateTrust $1M Over Unfair Bond Prices

Law360, New York (June 26, 2013, 6:03 PM EDT) -- The Financial Industry Regulatory Authority on Wednesday hit StateTrust Investments Inc. with a $1 million fine and sanctioned the firm's head trader for allegedly charging customers unfair prices on fraudulent corporate bond deals.

Miami, Fla.-based StateTrust was fined $1.045 million and ordered to pay $353,000 in restitution to bond customers. The firm’s head trader, Jose Luis Turnes, was also suspended for six months and fined $75,000. FINRA previously levied a $20,000 fine and five-month suspension against StateTrust Chief Compliance Officer Jeffrey Cimbal in April 2012 for...
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