(888) 637-5510

Written by 1:55 am Blog, Securities Fraud Articles • 2 Comments

Penson Financial Services fined by FINRA for securities violations

FINRA recently announced that Penson Financial Services, Inc. has been fined $38,000 and ordered to pay $22,663, plus interest, in restitution to customer, and required to revise its written supervisory procedures with respect to TRACE reporting requirements.

Without admitting or denying the findings, Penson Financial Services consented to the findings that it sold or bought corporate bonds to or from customers and failed to sell or buy the bonds at a price that was fair, taking into consideration all relevant circumstances, including market conditions with respect to each bond at the time of the transaction, the expense involved and that the firm was entitled to a profit.

According to the Firms’ FINRA Broker Report (CRD), this fine is not the first time that Penson Financial Services has been implicated in a claim related to securities fraud. Penson Financial Services’ FINRA Broker Report reveals that the Firm has been named in at least 15 regulatory events related to securities violations, and has also been named in at least 15 arbitration cases regarding customer claims of securities fraud.

If you have questions about investments you made with Penson Financial Services, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida. With over 30 years of securities law experience, including experience working at FINRA (f/k/a the NASD) and the SEC, The White Law Group has the expertise to help investors defrauded in securities, investment and financial business transactions.

For more information on The White Law Group, please visit our website at https://whitesecuritieslaw.com.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , Last modified: December 6, 2022