South Florida Arbitration & Litigation Lawyer Blog
FINRA Fraud and Mismanagement Attorney, Russell L. Forkey, Esq.
May, 2011
FMSbonds, Inc. (CRD #7793, Boca Raton, Florida) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $45,000 and required to revise its WSPs regarding best execution of corporate debt securities. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that in corporate bond transactions for or with a customer, it failed to use reasonable diligence to ascertain the best inter-dealer market, and failed to buy or sell in such market so that the resultant price to its customer was as favorable as possible under prevailing market conditions. The findings stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations and FINRA rules concerning best execution of corporate debt securities. The findings also stated that the firm failed to report the correct trade execution time for transactions in TRACE-eligible securities to TRACE. (FINRA Case #2006005350301)
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