First Trust Portfolios has been fined $10 million by the Financial Industry Regulatory Authority (FINRA) for allegedly providing excessive meals, gifts, and other incentives to broker-dealers.
First Trust, of Wheaton, Ill, allegedly repeatedly provided meals, gifts, and entertainment to broker-dealers between 2018 and February 2024 that exceeded FINRA limits, according to the acceptance, waiver, and consent (AWC) signed by the firm and FINRA on Oct. 31.
