Brokerage House Conflicts of Interest

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Violation Tracker Summary for Mega-Scandal

Mega-Scandal: Brokerage House Conflicts of Interest
Description: This list shows cases in which securities companies paid penalties of $25 million or more to resolve allegations of conflicts of interest between their investment banking business and the reports issued by their stock analysts.
Penalty Total since 2000: $1,681,000,000
Number of Penalty Records: 32
Note: The totals here are adjusted to account for the fact that each current parent's entries may include both agency records and settlement announcements for the same case; or else a penalty covering multiple locations may be listed in the individual records for each of the facilities. They are also adjusted to reflect cases in which federal and state or local agencies cooperated and issued separate announcements of the outcome. Duplicate or overlapping penalty amounts are marked with an asterisk in the individual records list below.

Top 10 Current Parent Companies	Total Penalty $	Number of Records
Citigroup	$400,000,000	2
Bank of America	$326,000,000	4
UBS	$280,000,000	6
Deutsche Bank	$167,500,000	3
JPMorgan Chase	$160,000,000	6
Morgan Stanley	$125,000,000	4
Goldman Sachs	$110,000,000	3
Piper Sandler	$32,500,000	1

Individual Penalty Records:

Click on the company or penalty amount for more information on each case. Click on the current parent name to reach the summary page for that parent company.

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Company	Current Parent	Current Parent Industry	Primary Offense Type	Year	Agency	Penalty Amount
Citigroup Global Markets Inc. f/k/a Salomon Smith Barney Inc.	Citigroup	financial services	investor protection violation	2003	SEC	$400,000,000
Salomon Smith Barney Inc.	Morgan Stanley	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $400,000,000
Credit Suisse First Boston LLC	UBS	financial services	investor protection violation	2003	SEC	$200,000,000
Merrill Lynch, Pierce, Fenner & Smith, Incorporated	Bank of America	financial services	investor protection violation	2003	SEC	$200,000,000
Credit Suisse First Boston Corp.	UBS	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $200,000,000
Citigroup Global Markets Inc.	Citigroup	financial services	investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $150,000,000
Morgan Stanley & Co. Incorporated	Morgan Stanley	financial services	investor protection violation	2003	SEC	$125,000,000
Morgan Stanley	Morgan Stanley	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $125,000,000
Goldman, Sachs & Co.	Goldman Sachs	financial services	investor protection violation	2003	SEC	$110,000,000
Goldman Sachs	Goldman Sachs	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $110,000,000
Merrill Lynch	Bank of America	financial services	investor protection violation	2002	NY-AG	$100,000,000
Merrill Lynch & Co. Inc.	Bank of America	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $100,000,000
Deutsche Bank Securities Inc.	Deutsche Bank	financial services	investor protection violation	2004	SEC	$87,500,000
Bear, Stearns & Co. Inc.	JPMorgan Chase	financial services	investor protection violation	2003	SEC	$80,000,000
J.P. Morgan Securities Inc.	JPMorgan Chase	financial services	investor protection violation	2003	SEC	$80,000,000
Lehman Brothers Inc.			investor protection violation	2003	SEC	$80,000,000
UBS Warburg LLC	UBS	financial services	investor protection violation	2003	SEC	$80,000,000
Bear Stearns & Co. LLC	JPMorgan Chase	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $80,000,000
Deutsche Bank	Deutsche Bank	financial services	investor protection violation	2002	MULTI-AG	$80,000,000
J.P. Morgan Chase & Co.	JPMorgan Chase	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $80,000,000
Lehman Brothers Inc.			investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $80,000,000
UBS Warburg LLC	UBS	financial services	investor protection violation	2002	MULTI-AG	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $80,000,000
Credit Suisse First Boston LLC	UBS	financial services	investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $75,000,000
U.S. Bancorp Piper Jaffray Inc.	Piper Sandler	financial services	investor protection violation	2003	SEC	$32,500,000
Deutsche Bank Securities Inc.	Deutsche Bank	financial services	investor protection violation	2005	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $28,750,000
Banc of America Securities LLC	Bank of America	financial services	fraud	2007	SEC	$26,000,000
Bear, Stearns & Co. Inc.	JPMorgan Chase	financial services	investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $25,000,000
Goldman Sachs & Co.	Goldman Sachs	financial services	investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $25,000,000
J.P. Morgan Securities Inc.	JPMorgan Chase	financial services	investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $25,000,000
Lehman Brothers Inc.			investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $25,000,000
Morgan Stanley & Co.	Morgan Stanley	financial services	investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $25,000,000
UBS Warburg and UBS PaineWebber	UBS	financial services	investor protection violation	2003	MULTI-FIN	(*)Penalty amounts marked by an asterisk are ones announced by more than one agency. Parent penalty totals are adjusted to avoid double-counting. $25,000,000