FINRA issued a censure and $150,000 fine to Janney Montgomery Scott, parent company Penn Mutual Life Insurance, for failing to accurately report trades and for failing to have an adequate supervisory system in place to achieve compliance with reporting rules.
According to the findings, Janney Montgomery Scott participated in 391 municipal securities offerings and failed to fully and timely report trade information, including list offering price/takedown transactions, as required by industry rules.
This spurred FINRA to look further at the firm's supervisory systems, ultimately concluding that Janney failed to establish, maintain, and enforce a reasonable supervisory system to ensure accurate reporting of list offering price and takedown transactions.
Investigators also found that the firm's deficient supervisory procedures failed to require any supervisory steps relative to these transactions.
If you invested with Janney Montgomery Scott, or with any firm or representative whose omissions or reporting failures have proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.