Violation Tracker Individual Record

Company: 
CCO Investment Services Corp.
Current Parent Company: 
NatWest Group PLC
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 Parent: 
United Kingdom
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of 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.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.