FINRA Collects $1.3M In Fines Over Reporting Violations

Law360, New York (March 12, 2014, 1:15 PM EDT) -- The Financial Industry Regulatory Authority Inc. announced Wednesday that it has ordered two broker-dealer firms to pay a combined $1.275 million for failing to supervise the use of their consolidated reporting systems and retain their reports in accordance with securities laws.

Triad Advisors and Securities America will pay $650,000 and $625,000, respectively, to settle FINRA’s allegations that they failed to prevent their representatives from sending out inaccurate and misleading consolidated reports on their financial holdings to customers, according to FINRA. Triad also was ordered to pay...
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