The Financial Industry Regulatory Authority has censured and fined five firms and one individual a total of $152,500, primarily for Municipal Securities Rulemaking Board rule violations, the largest of which is a $50,000 fine against New York-based Royal Alliance Associates Inc., according to disciplinary actions released late last week.

FINRA also filed a complaint against a Birmingham-based broker-dealer, Aura Financial Services Inc., for allegedly recommending unsuitable municipal and other investments to four customers, three of whom lost their investments.

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