- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2021-12-09T20:52:00
Two Wells Fargo broker-dealers agreed to jointly pay a $2.25 million fine to settle charges levied by FINRA regarding a failure to store approximately 13 million customer records in the proper format over a 17-year span.
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RBC Capital Markets agreed to pay nearly $1.1 million as part of a settlement with the Financial Industry Regulatory Authority for failing to establish and maintain a reasonable supervisory system to monitor the suitability of short-term trading recommendations.
For the second time in five years, a subsidiary of Wells Fargo has been charged by the Securities and Exchange Commission with failing to file suspicious activity reports in a timely manner due to deficiencies in the system it used to flag transactions.
Credit Suisse Securities agreed to pay a $9 million fine levied by FINRA for failing to comply with securities laws and rules involving potential conflicts of interest and the safeguarding of customer securities.
Capital One promised very high interest rates on millions of savings accounts but the bank didn’t deliver, losing customers more than $2 billion, the Consumer Financial Protection Bureau alleged.
Robinhood, a disruptive force in the market for Main Street investors but also a serial offender of securities laws, will pay a total of $45 million to settle numerous violations of SEC rules and regulations by two of its broker-dealers.
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
