Violation Tracker Individual Record

Company: 
Santander Securities LLC
Current Parent Company: 
Banco Santander
Penalty: 
$6,421,000
Year: 
2015
Date: 
October 13, 2015
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

The Financial Industry Regulatory Authority ordered Santander Securities LLC to pay approximately $4.3 million in restitution to certain customers who were solicited to purchase Puerto Rican Municipal Bonds (PRMBs). Additionally, the firm was required to pay restitution of $121,000 and make offers of rescission to buy back the securities sold to certain customers impacted by the firm's failure to supervise employee trading. FINRA also censured and fined Santander $2 million for supervisory failures related to sales of PRMBs and Puerto Rican closed-end funds, and for failing to reasonably supervise employee trading in its Puerto Rico branch office.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Spain
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.