The Financial Industry Regulatory Authority (FINRA) has fined Oppenheimer & Co. $525,000 on allegations that it “negligently misrepresented” cost basis information for customer account statements and IRS 1099 tax forms and is requiring the firm to bring in a consultant to recommend changes to the procedures, systems, and controls used to track cost basis data…. Read More >>
FINRA Fines AXA Advisors via Bond Funds Case
The Financial Industry Regulatory Authority (FINRA) reports that it has fined AXA Advisors, LLC $600,000 and ordered the firm to pay approximately $172,000 in restitution to approximately 6,200 affected retirement plan participants for allegedly “distributing materials that negligently misrepresented that certain bond funds offered for 401(k) plans were ‘investment-grade’ when, in fact, a substantial portion… Read More >>
