Violation Tracker Individual Record
The Financial Industry Regulatory Authority sanctioned First New York Securities L.L.C. $916,000 for short selling ahead of participating in 14 public offerings of securities, in violation of Rule 105 of Regulation M, and for related supervisory violations. FINRA ordered First New York to pay disgorgement of more than $516,000, plus interest, and fined the firm $400,000. Additionally, the firm was prohibited from participating in secondary or follow-on offerings for a period of six months.
FINRA is a securities industry self-regulatory body authorized by the federal government.