A Financial Industry Regulatory hearing panel has suspended former broker Anthony Grey for two years, fined him $30,000, and ordered him to disgorge $16,000 in ill-gotten gains for routing muni bond trades through his personal accounts before selling them, through his firm, to retail customers at excessive markups.

In a June 20 decision, the three-member hearing panel said Grey did not disclose to customers his personal involvement in the trades or that they paid more than prevailing market prices, in violation of the securities fraud laws. The markups ranged 8.62% to 19.12%.

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