Firm Settles FINRA Charges for Excessive Markups on Corporate Bond Transactions

A broker-dealer agreed to settle FINRA charges for charging its customers prices that were illegal in 71 principal transactions concerning a single corporate bond.

According to the Letter of Acceptance, Waiver and Consent, NTB Financial Corporation ("NTB") charged its customers around $43,000 in excessive markups on 71 corporate bond transactions. FINRA stated that the markups ranged from 4.64 percent to 5.07 percent on a corporate bond.

NTB agreed to a censure and to pay $45,000 in penalties.