Violation Tracker Individual Record
The Financial Industry Regulatory Authority fined Robert W. Baird & Co. $500,000 for supervisory violations relating to its fee-based brokerage business. FINRA also ordered Baird to return $434,510 in fees, plus interest, to 154 customers. Those customers either paid fees in fee-based accounts without generating activity or paid fees higher than those indicated on the Baird fee schedule.
FINRA is a securities industry self-regulatory body authorized by the federal government.