Galvin Announces $5.5m in Securities Fines

Massachusetts has almost $5.5 million in administrative fines coming in from four securities firms as a result of consent orders reached with the commonwealth’s Securities Division, Massachusetts Secretary of State William F. Galvin said today.

Three of the fines were imposed in cases that arose from the freezing of the auction rate securities market nearly a year ago, said Galvin’s office, which includes the Securities Division.

(Galvin is shown at left in a Globe file photo.)

The money in these administrative fines goes into the commonwealth’s general fund, Galvin’s office said.

The fines related to aution rate securities include fines to Morgan Stanley of roughly $930,000 and to Deutsche Bank of $3.2 million, a Galvin press release said; RBC Capital Markets is expected to pay $495,601.63 next week, and a separate fine of $860,350 was paid by Merrill Lynch as part of a global settlement that was based on the firm’s failure to properly register or supervise their client associates.

Source

This entry was posted on Thursday, January 28th, 2010 at 6:51 pm and is filed under Massachusetts Securities. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.