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Violation Tracker Individual Record

Company: Metropolitan Investment Securities, Inc.
Penalty: $4,300,000
Year: 2003
Date: December 11, 2003
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: NASD sanctioned Metropolitan Investment Securities, Inc. of Spokane, WA, for engaging in abusive sales practices and having inadequate supervisory procedures. Metropolitan was censured, fined $500,000, ordered to make restitution totaling more than $2.8 million to investors, and ordered to maintain a special escrow account for Metropolitan investors' claims at a level of $1 million for a five-year period. Metropolitan was also required to revise its supervisory procedures to prevent recurrence of the sales practice abuses.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
Source of Data: (click here)
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).
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.