FINRA Fines Broker Dealer Ladenberg Thalman & Co. for Data Compliance Issues
According to the Financial Industry Regulatory Authority, Ladenburg Thalmann & Co. (CRD #505, New York, New York) submitted an AWC in which the firm was censured, fined $17,500 and required to revise its WSPs. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it transmitted reports to OATS that contained inaccurate, incomplete or improperly formatted data.
The findings stated that specifically, the reports contained inaccurate destination codes. The findings also stated that the firm’s supervisory system allegedly did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations and FINRA rules concerning OATS reporting.
The firm’s WSPs allegedly failed to provide for one of the minimum requirements for adequate WSPs in that the supervisory steps and reviews failed to provide for a sample size of OATS reports to be reviewed on a regular basis by the firm’s supervisors to ensure that the firm’s OATS reporting was accurate.
For FINRA’s full finding see FINRA Case #2015048249701.
According to Bloomberg, Ladenburg Thalmann & Co. Inc. provides investment banking and securities brokerage services to middle-market and emerging growth companies. The firm offers public offerings, private placements, fairness and solvency opinions, and mergers and acquisitions advisory services.
Additionally, it provides institutional equity sales and trading services. The firm is based in Miami, Florida. As of May 7, 2001, Ladenburg Thalmann & Co. Inc. operates as a subsidiary of Ladenburg Thalmann Financial Services Inc.
This information which is publicly available on FINRA’s website has been provided by The White Law Group.
If you have questions about investments you made with Ladenburg Thalmann & Co., the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call 888-637-5510.
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