FINRA Dangles Cooperation Carrot With Fine-Free Settlements
Law360, New York (July 6, 2015, 8:16 PM EDT) -- The Financial Industry Regulatory Authority's decision Monday to not levy fines against three broker-dealers that allegedly overcharged certain mutual fund customers shows there can be extraordinary rewards for extraordinary cooperation, attorneys say, and that could entice others to come clean to the regulator about internal compliance problems they have discovered.
In a series of settlements, Wall Street's self-regulatory organization ordered Wells Fargo Advisors LLC, LPL Financial LLC and two units of Raymond James Financial Inc. to reimburse tens of thousands retirement accounts and charities for the sales charges and other expenses they were improperly levied over the past six years for...
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