Registered Representative Settles FINRA Charges for Disclosing Client's Bond Trading Position

A registered representative settled FINRA charges for disclosing confidential customer positions.

In a Letter of Acceptance, Waiver, and Consent, FINRA stated that in August 2015, the individual disclosed a customer's trading strategy that had a long position in a distressed bond to another customer that had a short position in the same bond. In September 2015, the individual confirmed the identity of the customer with the long position to the customer with the short position. As a result, FINRA found that the individual violated FINRA Rule 2010 ("Standards of Commercial Honor and Principles of Trade").

To settle the charges, the individual agreed to (i) a three-week suspension, (ii) a $15,000 fine and (iii) complete five hours of continuing education.