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.

The Financial Industry Regulatory Authority (FINRA) said in a disciplinary action issued Monday that from 2016-18, Drexel Hamilton disregarded rules on sale of municipal securities related to ensuring that the orders were associated with retail 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:...