Violation Tracker Individual Record
NASD fined Securities America, Inc. $2.5 million for failing to adequately supervise a broker who NASD alleged lured long-term employees of Exxon Corporation into retiring prematurely with unreasonable and exaggerated promises of high returns from reinvested funds from their company retirement plans. Securities America was also required to pay $13.8 million in restitution to 32 former Exxon employees.
NASD Fines Securities America $2.5 Million, Orders $13.8 Million in Restitution in Investment Scheme Aimed at Exxon Retirees, PR Newswire, September 14, 2006 (via Nexis).
FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).