November 3, 2014
Posted January 26, 2016
The SEC sanctioned 13 firms for violating a rule primarily designed to protect retail investors in the municipal securities market. It related to improper sales in a $3.5B offering of junk bonds by the Commonwealth of Puerto Rico earlier this year. The sanctioned firms include: Charles Schwab & Co., Hapoalim Securities USA, Interactive Brokers LLC, Investment Professionals Inc., J.P. Morgan Securities, Lebenthal & Co., National Securities Corporation,Oppenheimer & Co., Riedl First Securities Co. of Kansas, Stifel Nicolaus & Co.,TD Ameritrade, UBS Financial Services, and Wedbush Securities. SEC
Tagged in: Securities Fraud,