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Broker Dealer Settles FINRA Charges for Inadequate Supervision of ETF Sales

A broker-dealer agreed to settle FINRA charges for failing to establish, maintain and implement a sufficient supervisory system to monitor the sales of nontraditional exchange-traded funds ("ETFs").

According to the Letter of Acceptance, Waiver and Consent, the violations committed by Parkland Securities, LLC ("Parkland") were aggravated by the fact that it previously informed FINRA that Parkland would implement corrective measures to resolve its deficiencies, but failed to do so.

To settle the charges, Parkland agreed to a censure and to pay $20,000.

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