Pershing LLC has agreed to pay a fine of $1.4 million as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From January 2010 through December 2022, Pershing distributed more than one million account statements and trade confirmations that listed inaccurate interest rate information for certain variable rate securities.
The firm also provided inaccurate interest rate information about those securities through the online access portals the firm provided for customers and registered representatives of the introducing firms that used Pershing’s clearing services.
By making and preserving inaccurate books and records, Pershing violated Exchange Act Rule 17a-3(a)(8), NASD Rule 2340 (for conduct prior to May 8, 2019), and FINRA Rules 2231 (for conduct on or after May 8, 2019), 4511,…
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