FINRA Fines Santander Securities for Compliance Issues
According to FINRA, Santander Securities LLC (CRD #41791, Dorchester, Massachusetts) submitted an AWC in which the firm was censured, fined $175,000 and ordered to pay $62,807.48, plus interest, in restitution to customers.
Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it sold municipal securities for its own account to a customer at an aggregate price (including any mark-up) that was not fair and reasonable taking into consideration all relevant factors, including the best judgment of the broker, dealer or municipal securities dealer as to the fair market value of the securities at the time of the transaction and of any securities exchanged or traded in connection with the transaction; the expense involved in effecting the transaction; the fact that the broker, dealer or municipal securities dealer is entitled to a profit; and the total dollar amount of the transaction.
For FINRA’s full findings see FINRA Case #2013038868601.
Santander Securities LLC, Inc. is a registered investment advisory firm located in Dorcester, Massachusetts.
This information which is publicly available on FINRA’s website has been provided by The White Law Group.
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