FINRA recently announced that Howe Barnes Hoefer & Arnett, Inc., a registered broker-dealer based in Chicago, Illinois, has been censured and fined $20,000. Without admitting or denying the findings, Howe Barnes Hoefer & Arnett consented to the described sanctions and to the entry of findings that it incorrectly submitted data to OATS. The findings further stated that the firm failed to properly disclose all pertinent information to customers on customer confirmations, in that the firm failed to disclose commission equivalents or markups/markdowns, the correct capacity and/or the correct price. The findings also included that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations and/or FINRA rules addressing order handling, best execution, other trading rules, OATS and other rules.
If you have questions regarding investments you made with Howe Barnes Hoefer & Arnett, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience in securities litigation matters and handles matters throughout the country and Illinois, including reviewing securities fraud cases in Chicago, Lincoln Park, Highland Park, Wilmette, Evanston, Downers Grove, Buffalo Grove, Arlington Heights, and Skokie. To contact the firm, please call 312-238-9650. Or, for more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.