Brokerage firm FNBB Capital Markets failed to include required mark-up and mark-down information in municipal securities transactions, according to a report fining the firm $30,000, and also failed to establish and maintain an adequate supervisory system or to conduct supervisory reviews pertaining to the municipal securities disclosures.
FINRA wrote that FNBB issued 121 non-institutional customer confirmations for municipal transactions, but failed to include mark-up and mark-down percentages of the prevailing market price, as required by industry rules.
Additionally, investigators determined that the firm failed to establish a supervisory system or even conduct any supervisory reviews to confirm the required mark-up and mark-down information was disclosed fully and accurately.
If you invested with FNBB Capital Markets or any broker, investment advisor, or firm whose failed to disclose important investment information or whose supervisory 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.