FINRA Fines Wedbush Securities Inc. for Compliance Issues

According to FINRA, Wedbush Securities Inc. (CRD #877, Los Angeles, California) submitted an AWC in which the firm was censured and fined $20,000.

Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report information regarding purchase and sale transactions effected in municipal securities to the Real-time Transaction Reporting System (RTRS) in the manner prescribed by Municipal Securities Rulemaking Board (MSRB) Rule G-14 RTRS Procedures and the RTRS Users Manual.

The findings stated that the firm failed to report information about such transactions within 15 minutes of Time of Trade to an RTRS Portal. The findings also stated that the firm failed to enforce its WSPs concerning trade reporting in municipal securities.

Specifically, the firm did not conduct a “daily to weekly” review of the firm’s order management system (OMS) cancel and late trade reports as stated in its WSPs.

For FINRA’s full findings see FINRA Case #2015046456601.

Wedbush Securities Inc. is a registered investment advisory firm located in Los Angeles, CA.

This information which is publicly available on FINRA’s website has been provided by The White Law Group.

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