Broker-Dealer Settles FINRA Charges for Certain Financial Advisor Violations

A broker-dealer settled FINRA charges for simultaneously acting as an issuer's financial advisor and underwriter.

According to FINRA, the broker-dealer violated MSRB Rule G-23 ("Activities of Financial Advisors") by offering underwriting services to a municipal issuer with which it already had entered into an active "blanket" financial advisory agreement.

To settle the charges, the broker-dealer agreed to a (i) censure and (ii) fine of $10,000.