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, averaging 30 a month.
2) There have 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 of 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.
Subscribe to our blog to keep up to date on everything FINRA, SEC, FCPA & more. What is your opinion? Leave a comment below.
Interested in seeing how MCO can power your compliance program? Schedule a live demo now
You can access the official FINRA disciplinary records here.