By Adrianne Appel2024-08-30T15:44:00
A subsidiary of Bank of America (BofA) agreed to pay $3 million and take remedial measures to resolve allegations that its surveillance system didn’t detect manipulative trading, the Financial Industry Regulatory Authority (FINRA) said.
BofA Securities will pay $669,000 to FINRA and the remainder to exchanges, including Choe BYX and Nasdaq, the self-regulatory agency announced in a disciplinary action Wednesday.
Between 2015 and 2024, the surveillance system of Bank of America Merrill Lynch and since 2019, of BofAS, was too limited to detect that manipulative wash trading and pre-arranged trading was taking place, FINRA said.
2024-11-19T21:05:00Z By Aaron Nicodemus
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
2024-10-01T15:36:00Z By Jeff Dale
The Financial Industry Regulatory Authority issued two separate fines against Merrill Lynch and BofA Securities totaling nearly $2.3 million for reporting violations and failing to timely file amendments on registration forms for their registered representatives.
2024-07-11T19:04:00Z By Aaron Nicodemus
UBS Financial Services, a subsidiary of the Swiss banking giant UBS, has been fined $850,000 for failing to properly monitor transactions between its broker-dealers and third parties.
2025-07-11T21:14:00Z By Oscar Gonzalez
The U.S. Department of Justice arppoved T-Mobile’s acquisition of competitor UScellular. The move came a day after T-Mobile announced it had dropped its diversity, equity, and inclusion programs, a frequent target for Trump’s administration.
2025-07-11T19:43:00Z By Aaron Nicodemus
The state of Florida is investigating Robinhood Crypto for falsely claiming it charges the lowest fees for processing crypto transactions.
2025-07-09T18:02:00Z By Adrianne Appel
CVS has vowed to appeal $948.8 million in fines and damages imposed by a judge Tuesday on its Omnicare unit, for billing Medicare for tens of thousands of false claims.
Site powered by Webvision Cloud