FINRA Fines 3 Firms $1.6M For Reporting Omissions

Law360 (May 16, 2008, 12:00 AM EDT) -- The U.S. Financial Industry Regulatory Authority has fined three firms a total of $1.6 million for violations of FINRA’s Order Audit Trail System reporting and supervisory rules.

FINRA levied fines against TradeStation Securities Inc., E*Trade Securities LLC and CIBC World Markets Corp. Thursday, finding that they each had failed to issue appropriate customer order reports for years.

In agreeing to the fines, the firms did not admit nor deny FINRA’s allegations.

The regulator’s OATS rules require trading firms to report all information relating to the handling...
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