On September 2nd, FINRA announced additional settlements with three firms relating to sales of auction rate securities to customers. Settling with FINRA was Northwestern Mutual Investment Services, LLC (fined $200,000), City Securities Corporation ( fined $250,000) and Fifth Third Securities, Inc. (fined $150,000). In addition to the fines, each firm must Further, according to the release, "All three firms agreed to initiate or complete offers to repurchase ARS sold to their customers where the auctions for the ARS had failed — approximately $103 million for Northwestern Mutual, about $13.1 million for City Securities and approximately $11.9 million for Fifth Third Securities."
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September 03, 2009
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