According to CNBC.com, in the first action, FINRA alleged that transactions involving municipal securities between Turner’s account and customers accounts were not conducted at a “fair and reasonable price.”
In addition, FINRA claims that the firm’s supervisory system fell short, and did not provide supervision necessary to achieve compliance with the laws and regulations concerning fair pricing of municipal securities
Turner was fined $140,000 and ordered to pay $76,743.68 plus interest in restitution to customers.
The foregoing information, which is publicly available, is being provided by The White Law Group.
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