Jefferies Fined Over Faulty ARS Disclosure

Hume, Lynn
April 2011
Investment Dealers' Digest;4/15/2011, Vol. 77 Issue 15, p9
Trade Publication
The article reports that Jefferies & Co. was fined 1.5 million dollars by the Financial Industry Regulatory Authority (FINRA) over auction-rate securities (ARS) disclosure in the U.S. in 2011. According to FINRA, Jefferies also did not reveal conflicts of interest that arose from selling ARS clients and the same higher-yielding ARS securities were available. FINRA also demanded Jefferies to repay 425,000 dollars to clients in commissions and fees it earned from ARS sales.


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