Violation Tracker Individual Record

Company: 
McLaughlin, Piven and Vogel Securities Inc.
Penalty: 
$50,000
Year: 
2006
Date: 
October 26, 2006
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

NASD announced that McLaughlin, Piven and Vogel Securities, Inc. (MPV) of New York has agreed to pay restitution to customers who were charged excessive and unreasonable fees in connection with the transfer of their brokerage accounts to other broker-dealers through the Automated Customer Account Transfer System (ACATS). NASD also fined MPV $50,000 and ordered the firm to retain an independent consultant to determine the amount of restitution due customers.

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.