Here at MCO we keep a close eye on the activities of the regulators. Q1 2017 was a record opening quarter and we now look at 7 key highlights from the FINRA fines review as we hit the mid-year point.
1) The total number of firms sanctioned YTD is 181, which averages at 30 a month.
2) There has been 14 firms expelled by FINRA so far this year.
3) The average fine (including restitutions) YTD is for $733,800. This is 61% greater than the average for total fines levied in 2016.
4) The ($24.6mil) restitution order against Red River Securities is just $4m shy of all the restitution orders in 2016.
5) The largest fine of the year so far was $16.5 million in February to Credit Suisse Securities LLC for 'significant deficiencies in its anti-money laundering program'.
6) The total amount in fines YTD (including restitution) is $132.8 million.
7) 2017 has seen $37.7m more in fines sanctioned compared to the half year point of 2016
Read our blog post summarizing FINRA Fines in Q1 2017.
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You can access the official FINRA disciplinary records here.