FINRA Fines Terra Nova For Improper Payments

Law360, New York (November 23, 2009, 4:09 PM EST) -- Citing more than $1 million in improper soft dollar payments for parking tickets, gentlemen's club fees, credit card bills and business expenses, the Financial Industry Regulatory Authority has slapped brokerage firm Terra Nova Financial LLC and three of its administrators with fines totaling $445,000.

Chicago-based Terra Nova violated federal securities laws by making soft dollar payments for hedge fund clients on expenses that were either not eligible for the program under the client's organizing documents or not authorized by a third party involved in the transaction,...
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