The Financial Industry Regulatory Authority announced April 4 that a hearing panel ruled that Long Island-based broker-dealer David Lerner Associates Inc. charged excessive markups on municipal bond and collateralized mortgage obligation sales between 2005 and 2007 (Department of Enforcement v. David Lerner Associates Inc.).
As a result of the misconduct, FINRA said in a release, the firm’s retail customers paid unfairly high prices and received lower yields than they otherwise would have obtained.
In the release, it noted that the panel fined the firm $2.3 million and ordered it to pay restitution of $1.4 million. At the same ...
Learn more about Bloomberg Law or Log In to keep reading:
Learn About Bloomberg Law
AI-powered legal analytics, workflow tools and premium legal & business news.
Already a subscriber?
Log in to keep reading or access research tools.