The Financial Industry Regulatory Authority (FINRA) ordered Western International Securities to pay $1.5 million for failing to implement a supervisory system to detect and respond to excessive trading, the firm’s fifth consent order with the regulator since 2019.

California-based Western will pay a $475,000 fine and $1 million in restitution, plus interest, to settle the allegations, according to FINRA’s order, published Monday.

Aaron Nicodemus is the Editor-in-Chief of Compliance Week. He previously worked as a reporter for Bloomberg Law and as business editor at the Telegram & Gazette in Worcester, Mass. Email: aaron.nicodemus@complianceweek.com LinkedIn:...