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Investment Firms To Buy Back $554M In ARS

Law360 (May 7, 2009, 12:00 AM EDT) -- The Financial Industry Regulatory Authority has reached agreements with four investment firms to settle charges stemming from the auction rate securities fiasco, imposing fines totaling $850,000 and securing commitments from the firms to repurchase $554 million in the illiquid bonds.

The settlements, announced by FINRA on Thursday, resolve charges by the agency against Cleveland-based NatCity Investments Inc., which faced a $300,000 fine; Buffalo, N.Y.-based M&T Securities Inc., which was fined $200,000; Philadelphia's Janney Montgomery Scott LLC, which was also fined $200,000; and Milwaukee-based M&I Financial Advisors...
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