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FINRA fines First Trust Portfolios for gifts and entertainment violations

Image of a line of gift bags.
Photo: Stefanie Keenan/Getty Images for MACRENE Actives
Julie DiMauro profile image

Julie DiMauro

2 min read

FINRA said First Trust provided gifts, meals and entertainment to representatives of retail broker-dealers that significantly exceeded limits for non-cash compensation.

FINRA has fined First Trust Portfolios LP $10m for providing excessive non-cash compensation – specifically, gifts, meals, and entertainment (GME) – in connection with the distribution of First Trust investment company securities and related misconduct.

FINRA said the GME was extended to representatives of retail broker-dealers (so, the reps of

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