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.