FINRA Fines Jefferies $1.5M Over ARS Disclosures

Law360, New York (April 14, 2011, 2:19 PM EDT) -- The Financial Industry Regulatory Authority announced Thursday that it had fined investment bank Jefferies & Co. Inc. $1.5 million for failing to disclose additional compensation received and conflicts of interest in connection with the sale of auction rate securities.

Jefferies was also forced to return $425,000 in fees and commissions to affected customers that it earned through the sale of ARS, according to the self-regulatory organization.

In addition, FINRA hit two Jefferies brokers for their role in the sales of the ARS in question. Anthony Russo...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.