GunnAllen Pays $750K To Settle FINRA Action

Law360, New York (May 9, 2008, 12:00 AM EDT) -- GunnAllen Financial Inc. has agreed to pay $750,000 to put to rest U.S. Financial Industry Regulatory Authority allegations that the brokerage and investment bank played a role in a former head trader’s trade allocation scheme.

The settlement, which was announced by FINRA Thursday, also closes the regulator’s investigation into GunnAllen’s alleged anti-money laundering, reporting, record-keeping and supervisory deficiencies. The company neither admitted to nor denied FINRA’s allegations.

In December 2006, FINRA barred the former head trader implicated in the trade allocation scheme, Alexis J. Rivera....
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