FINRA Sets Precedent With Fines
The Financial Industry Regulatory Authority has fined three firms and an individual for municipal rule violations, including for a precedent-setting case of improperly seeking reimbursement from issuers for excessive expenses on bond rating trips.
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The Texas Department of Transportation is facing a federal criminal investigation of its land deals for expansion of Interstate 35E, according to reports. more »
Three convicted bid-riggers filed documents with a federal appeals court this week arguing that their convictions should be overturned because of several errors by the lower court. more »
The Securities and Exchange Commission's new program to encourage self-reporting of a specific continuing disclosure violation is facing some skepticism from bond lawyers even as one SEC attorney said it may eventually be expanded to cover other violations. more »
Former UBS banker Mark Zaino walked out of court a free man after a federal judge chose to impose no further sentence for his role in rigging muni bond contracts. more »
Dozens of dealer sales of Puerto Rico bonds to customers that violated the $100,000 minimum denomination requirement, and were then cancelled, have been erased from EMMA or altered as if they never occurred. more »
FINRA is examining allegations that broker-dealers violated bond documents and municipal rules by trading bonds from Puerto Rico's recent $3.5 billion general obligation deal to customers in sizes less than the required $100,000 minimum denomination. more »
The Louisiana State Bond Commission rejected a settlement with the Justice Department March 20 that would have resolved a federal housing discrimination suit. more »
The sentencing dates for convicted bid riggers Brian Zwerner, Douglas Goldberg, and Daniel Naeh have been delayed again. more »
It didn't take long for several broker-dealers to start selling small denominations of Puerto Rico $3.5 billion of general obligation bonds to retail investors in violation of a requirement in the official statement and municipal securities rules. more »
The Financial Industry Regulatory Authority fined OFS Securities, Inc. in San Juan, Puerto Rico $40,570 and ordered it to pay more than $13,278 in restitution for buying the territory's bonds for its own account and then selling them to customers at prices with excessive markups. more »
Federal Judge Kimba Wood, who imposed $5.6 million in fines and restitution on municipal bond bid-rigger David Rubin, called prison unwarranted for the founder of CDR Financial Products. more »
A federal judge sentenced CDR Financial Products Inc. founder David Rubin to two years' probation and ordered him to pay a combined $5.65 million in fines and restitution for his role in rigging bids for municipal bond contracts. more »
A federal judge has ordered seven defendants to disgorge millions in ill-gotten gains and imposed other administrative penalties stemming from a pay-to-play case involving the New York State Common Retirement Fund. more »
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