The $20 billion in fines regulators levied against JPMorgan Chase in the past year may seem big, but the bank's even larger profits have taken their sting away, reports the New York Times.
IIROC and Dundee have reached a settlement agreement.
The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Oppenheimer & Co., Inc. $675,000 for charging unfair prices in municipal securities transactions and for failing to have an adequate supervisory system.
Canaccord admitted that it failed to adequately supervise retail client account activity.
De Thomas Financial is refusing to give a retired retail investor $254,323 in compensation for unsuitable investments, despite a recommendation the Ombudsman for Banking Services and Investments, the watchdog says.
Regulators in America, Britain and the Netherlands are fining Dutch Rabobank $1.07 billion for its alleged role in fixing inter-bank loan rates, reports Reuters.
In light of JPMorgan’s $13 billion tentative settlement deal, global banks are approaching the New York attorney general about negotiating settlements their own charges, reports the Financial Times.
Citigroup has been fined $30 million by Massachusetts authorities, reports The New York Times’ DealBook.
The Washington Post reports JPMorgan Chase is negotiating an $11 billion settlement with authorities over toxic mortgage securities the firm sold during the crisis.
IIROC has found David Charles Phillips and John Russell Wilson failed to tell their clients that certain First Leaside Group products were high risk.