A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission (SEC) to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.

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Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...