Insufficient Records, Supervision Costs Firm $850,000

Law360 (October 16, 2006, 12:00 AM EDT) -- The National Association of Securities Dealers has fined Citizens Bank of Rhode Island subsidiary CCO Investment Services Corp. $850,000 for inadequate supervision and recordkeeping.

CCO Investment Services consented to the entry of the NASD’s findings without admitting or denying wrongdoing. In addition to the fine, the firm will also review its supervisory system and procedures, as well as the allocation of resources devoted to compliance, the NASD said.

The NASD cited the firm’s failures to maintain records of business-related e-mail and records of compensation granted to...
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