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Violation Tracker Individual Record

Company: CCO Investment Services Corp.
Current Parent CompanyCitizens Financial Group
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Penalty: $850,000
Year: 2006
Date: October 16, 2006
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: NASD fined CCO Investment Services Corp., a wholly-owned subsidiary of Citizens Bank of Rhode Island, a total of $850,000 for failing to establish, maintain and enforce a reasonably designed supervisory system and written procedures relating to a series of issues-including customer suitability reviews, telemarketing compliance, internal inspections, review of written correspondence, registration of offices and review and approval of 529 Plan business.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Rhode Island
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: NASD Fines Citizens Bank Affiliate, CCO Investment Services Corp., $850,000 for Supervisory, Recordkeeping, Telemarketing, Other Violations, PR Newswire, October 16, 2006 (via Nexis).
Notes: 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).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.