FINRA Fines TD Ameritrade, Inc. $30,000 for Compliance issues

According to FINRA, TD Ameritrade, Inc. (CRD #7870, Omaha, Nebraska) submitted an AWC in which the firm was censured, fined $30,000 and required to revise its WSPs.

Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that on at least 23 occasions, the firm inaccurately provided written notification to its customers that transactions executed as a single price execution were executed at an average price; and in seven instances, the firm failed to report accurate information to OATS.

The findings stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to certain applicable securities laws and regulations, and/or FINRA rules. The firm’s WSPs failed to provide for one or more of the minimum requirements for adequate WSPs regarding OATS.

Additionally, the firm failed to establish, maintain, and enforce a supervisory system that was reasonably designed to achieve compliance with Securities and Exchange Commission (SEC) Rule 10b-10.

Specifically, the firm’s supervisory system did not include WSPs providing for a sufficient statement of the supervisory steps to be taken to review for the accuracy of customer confirmations.

For FINRA’s full findings see FINRA Case #2015044129801.

TD Ameritrade, Inc. is a registered investment advisory firm located in Omaha, NB.

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