- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jeff Dale2024-08-22T20:26:00
Cantor Fitzgerald agreed to pay more than $151,000 and be censured as part of a settlement with the Financial Industry Regulatory Authority (FINRA) over alleged supervisory failures in respect to over-the-counter (OTC) securities.
Cantor failed to provide best execution for nearly 2,400 orders in OTC securities that it received from other broker-dealers, according to FINRA’s disciplinary action published Tuesday. The firm agreed to pay a $100,000 fine, more than $51,000 in restitution plus interest, and be censured.
From July 2017 through May 2019, the firm failed to establish and maintain a supervisory system reasonably designed to achieve compliance with its best execution obligations for customer orders in OTC securities in violation of FINRA rules 5310, 3110 and 2010, the self-regulatory organization said.
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The Financial Industry Regulatory Authority fined JPMorgan Securities $190,000 for unregistered investment banking activities and not having a supervisory system reasonably designed to achieve compliance with FINRA registration requirements.
Merrill Lynch was assessed an $825,000 penalty by the Financial Industry Regulatory Authority for alleged supervision failures regarding the execution of marketable equity orders entered into its electronic order systems.
Santander U.S. Capital Markets agreed to pay $100,000 to settle allegations by the Financial Industry Regulatory Authority regarding supervision failures related to misuse of material nonpublic information.
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Experian, the credit reporting giant, let compliance slide when it came to addressing consumer complaints about incorrect data, the Consumer Financial Protection Bureau said in a lawsuit against the credit agency.
