The violations and sanctions were detailed in FINRA's monthly report on disciplinary actions.
The bank violated the Municipal Securities Rulemaking Board's rule G-8 on record keeping, as well as its rule G-14 governing reports of sales and purchases. FINRA said.
It failed to report, within 15 minutes of execution as required, 141 trades, or 4% of its total reportable trades, between
In addition, the bank failed to report the correct time of trade in memoranda for 142 brokerage orders during the first part of 2009 and in 93 trade reports and memoranda for 91 brokerage orders during the latter part of year.
FINRA also levied fines totaling
Youngs, a broker currently with
FINRA found that around
By creating a false document, Youngs violated FINRA Rule 2010, the authority said, which requires a broker to observe high standards of commercial honor and just and equitable principles of trade. Youngs had no prior disciplinary history, according to FINRA. Youngs' suspension prevents him from associating with any FINRA member firm in all capacities, and is to last from
|Copyright:||(c) 2013 Financial Planning. All rights Reserved.|
|Source:||Source Media, Inc.|