- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-04-30T20:43:00
A Royal Bank of Canada (RBC) unit agreed to pay nearly $769,000 to settle allegations levied by the Financial Industry Regulatory Authority (FINRA), in part, over sending inaccurate information in trade confirmations to customers over nearly a decade.
RBC Capital Markets sent approximately 940,000 inaccurate trade confirmations and failed to provide confirmations to millions of other customers, according to a FINRA order published Monday.
FINRA alleged RBC failed to establish a supervisory system designed to achieve compliance with the self-regulatory organization’s rules.
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The Financial Industry Regulatory Authority fined three firms—M1 Finance, Mizuho Securities, and Oppenheimer—between $250,000 and $500,000 across separate actions for failing to properly implement, monitor, and supervise internal systems that led to compliance failures.
SoFi’s brokerage unit will pay a $1.1 million fine to the Financial Industry Regulatory Authority for fraud detection weaknesses that allowed thieves to create SoFi Money accounts using fake or stolen identities.
Online brokerage services provider TD Ameritrade agreed to pay a $600,000 fine for violations of Financial Industry Regulatory Authority rules over its automated approval system that allegedly allowed inexperienced traders to engage in options trading.
Massachusetts-based technology company Circor International settled charges with the Securities and Exchange Commission regarding deficient internal accounting controls without paying a fine.
Broker-dealer Nationwide Planning Associates and two affiliated investment advisers impeded potential whistleblowers from reporting misconduct to the Securities and Exchange Commission and have agreed to settle the charges for a combined $240,000.
Six credit rating agencies will pay $49 million in fines to the Securities and Exchange Commission for allowing their employees to communicate on company business using nonapproved communication channels like Whats App and WeChat.
