The Financial Industry Regulatory Authority (FINRA) fined three firms between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.

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Oppenheimer & Co., a New York City-based broker-dealer, was fined $500,000 for failing to reasonably supervise transactions “that the firm’s registered representatives placed directly with product sponsors on behalf of firm customers” from 2012-17, FINRA said in its order signed Tuesday.

As a result, more than 490,000 of these direct business transactions placed on behalf of more than 14,000 customers were not reported on Oppenheimer’s daily trade blotter, as required. The transactions were not screened for potential sales practice violations, including “potentially unsuitable transactions,” the self-regulatory organization alleged.

Oppenheimer also failed to have a reasonable supervisory system that collected and maintained information about its direct business customers’ investment profiles, which are necessary for making suitability determinations, FINRA said.

Starting in 2021, Oppenheimer began a retrospective review of the direct business transactions, FINRA said, but the suitability of some transactions could not be determined because the firm could not collect the necessary customer data from the time the transactions were processed.

A spokesperson for Oppenheimer declined comment.

Mizuho Securities, a New York-based broker-dealer that is a subsidiary of Japan-based Mizuho Financial Group, agreed to pay a $250,000 fine to address alleged problems with inaccurate information being included in trade confirmations for institutional investors.

In its order signed Tuesday, FINRA said it found inaccuracies in more than 300,000 trade confirmations from 2017-22. The firm “failed to correctly identify transactions as having been executed at a single versus an average price and erroneously stated that a commission equivalent or mark-up/mark-down had been charged on trades,” FINRA alleged.

FINRA said it warned the company about the alleged misconduct. In 2017, an internal review of customer confirmations found red flags that were not investigated or memorialized in supervisory procedures. In 2019, the firm stopped performing the sampling review because of a coding issue but did not discover it until a FINRA examination in April 2022. After the examination, Mizuho reinstituted the review and memorialized it in its written supervisory procedures.

A spokesperson for Mizuho Securities declined comment.

M1 Finance, a retail and proprietary trading company based in Chicago, agreed to pay a $400,000 fine for inaccurately marking more than 12 million short sales as long, FINRA said in its order signed May 2. The firm also inaccurately recorded 3.5 million principal buy orders as being executed by an agent when they were not, according to FINRA.

M1 allegedly did not have written supervisory procedures reasonably designed to comply with a FINRA rule on locate and order marking requirements for short sale transactions, as well as a separate recordkeeping rule.

M1 must attest to FINRA in writing within 180 days of the order that it remediated the issues and implemented a supervisory system reasonably designed to achieve compliance with FINRA’s rules.

M1 Finance did not immediately respond to a request for comment.