FINRA slapped Barclays Capital, Goldman Sachs and Bank of America Merrill Lynch $1 million each in fines for submitting incomplete blue sheets. The three banks declined to comment.
FINRA alleges that the investment banks omitted data on stock and trade-related transactions. The omissions included customer names and contact information, and some reports contained inaccurate data. All three firms have a previous history of submitting inaccurate blue sheets, the regulator said in a statement.
Additionally, FINRA said it filed a complaint against Wedbush Securities, alleging it also failed to submit complete and accurate blue sheets. However, the case has not yet been adjudicated, according to the statement.
Wedbush could not be reached for comment. The regulator said the firm may file a response or request a hearing before a FINRA advisory panel.
Blue sheets are submitted to FINRA to prevent insider trading and other market abuses. The actions announced by the agency, are a reminder to firms about their fundamental obligation to provide complete and accurate blue sheet data without exception, Cameron Funkhouser, executive vice president of FINRAs fraud detection office, said in the statement.
- Advisor Gets Lifetime Ban, Nearly $1M Fine Over Ad Footnotes
- Finra Fines JPMorgan 3 Minutes of Profit for Errant Bond Reports
- Should Firms Settle Regulatory Cases? Study Says No
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access