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Our Take Blog

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Our Take Blog
Law Firm Survey Shows Spike in FINRA Actions and Fines

Law Firm Survey Shows Spike in FINRA Actions and Fines

A large law firm completed its annual FINRA sanctions survey, revealing a significant uptick in actions and fines with a focus on advertising, short selling, auction rate securities, and suitability. According to the survey, total disciplinary actions increased 13% over 2010 to 1488 from 1310 with fines increasing 51% to $68 Million from $45 Million. Advertising cases doubled with a focus on misleading marketing materials on firm websites. Actions involving mutual fund distribution also increased significantly. 

OUR TAKE: Firms must concern themselves with multiple regulators that can pursue disciplinary actions and impose fines. 
http://www.sutherland.com/newsevents/News_Detail.aspx?News=1276750e-5346-4135-bfc0-a7970d87db47
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