According to the Financial Industry Regulatory Authority (FINRA), StateTrust Investment Inc has been fined $1.045 million by FINRA and ordered to pay more than $353,000 in restitution to customers for charging excessive markups and markdowns in fraudulent corporate bond transactions. In addition, FINRA fined the firms head trader, Jose Luis Turnes, $75,000 and suspended his broker license for six months.
FINRA Fines Securities Firm $1 Million
FINRA’s investigation into StateTrust found that customers were charged excessive markups/markdowns in approximately 563 transaction. Turnes was involved in 85 of those transactions, in which markups/markdowns ranged from 8 to 23 percent away from the prevailing market price. Without admitting to or denying the charges, both StateTrust and Turnes, consented to FINRA’s findings.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
If you suffered losses as a result of excessive markups/mark downs, you may be able to recover your losses through a FINRA arbitration claim. For a free consultation with a securities attorney regarding your litigation options, please call The White Law Group at 312-238-9650.
The White Law Group is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, visit WhiteSecuritiesLaw.com.