Jefferies Broker Dodges FINRA Claims Over ARS Disclosures

Law360, New York (August 29, 2012, 3:22 PM EDT) -- A Financial Industry Regulatory Authority panel on Tuesday dismissed claims that a Jefferies & Co. Inc. broker failed to disclose key information to banks about auction rate securities trades that later sparked a $1.5 million fine against the investment bank.

A disciplinary panel ruled after a nine-day hearing in New York that Richard Morrison did not engage in wrongdoing while soliciting the eight bank clients, who were not identified in Tuesday's order. FINRA hit Morrison with an enforcement action in April 2011, alleging he didn’t tell the banks...
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.