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.
This information which is publicly available on FINRA’s website has been provided by The White Law Group.
If you have questions about investments you made with TD Ameritrade, Inc., the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call 888-637-5510.
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 Vero Beach, Florida.
For more information on The White Law Group, and its representation of investors, please visit our website at https://whitesecuritieslaw.com.
Tags: Chicago securities attorney, Chicago securities lawyer, TD Ameritrade class action, TD Ameritrade complaints, TD Ameritrade compliance, td ameritrade investigation, TD Ameritrade investment losses, TD Ameritrade losses, TD Ameritrade Omaha NB, TD Ameritrade recovery options, TD Ameritrade WSPs, Vero Beach securities attorney, Vero Beach securities lawyer Last modified: June 16, 2017