Articles Posted in Fines

The Financial Industry Regulatory Authority (FINRA) is investigating Houston-based Monex Securities and Moody Securities. FINRA alleged that Monex Securities was “charging excessive mark-ups and mark-downs on foreign bond transactions,” and the firm entered into a Letter of Acceptance, Waiver and Consent (AWC) with the regulatory body. FINRA went on to state that “the charges were not fair and reasonable, taking into consideration all relevant factors, including the individual prevailing market prices and resulted in $2,227.02 in excessive charges to customers. The firm has reimbursed the affected customers.”

In December, FINRA ordered Monex to pay $1.1 million in disgorgement of commissions, plus interest, obtained by unregistered foreign individuals who sold securities on the firm’s behalf and an additional $175,000 for “failing to register the foreign representatives and for related supervisory deficiencies over a period of two and a half years.” Moody submitted an AWC to FINRA after they ordered the firm to pay $350,000 to the investors in a public offering of securities of the firm’s affiliated real estate investment trust in restitution. A FINRA notice stated that Moody “violated FINRA rules governing underwriting compensation by acting as the wholesaling dealer-manager for the offering of interests in a REIT, in which the underwriting compensation exceeded 10 percent of the offering’s gross proceeds and that their written supervisory procedures were inadequate in that they failed to provide guidelines to monitor organization and offering expenses or underwriting compensation, as the offering progressed and remained open.”

If you invested money with Monex Securities or Moody Securities, you may be entitled to recover your investment losses. Stoltmann Law Offices can help. Our number is 312-332-4200. We are securities lawyers who concentrate on recovering investment losses in the FINRA arbitration process.

 

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