Violation Tracker Individual Record

Company: 
First Trust Portfolios L.P
Penalty: 
$118,680
Year: 
2004
Date: 
June 29, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

NASD ordered eight firms to pay fines totaling $310,000 and restitution to customers of $300,000 in connection with certain municipal bond trades where customers did not receive a fair price for their bonds, in violation of Municipal Securities Rulemaking Board (MSRB) rules.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
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: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.