A municipal securities dealer settled FINRA charges for providing inaccurate information in the issue price certificates of 22 municipal offerings.
According to FINRA, the issue price certificates incorrectly stated the percentage of each offering sold to public investors (as opposed to other broker-dealers). FINRA claimed that the municipal securities dealer failed to implement appropriate supervisory procedures to ensure that information in the issue price certificates was accurate.
To settle the charges, the municipal securities dealer agreed to (i) a censure, (ii) a $85,000 fine, and (iii) undertake remedial measures to identify and notify issuers of inaccuracies in issue price certificates.
December 3 2019
Cadwalader Wickersham & Taft LLP