| Updated – 7 October 2024 |
Fines
| Total recorded | 3,330,813,000 |
| Institution | Fine ($) |
|---|---|
| Acacia Financial Group Inc. | 52,000 |
| Alpaca Securities LLC | 400,000 |
| A.M. Best Rating Services, Inc. | 1,000,000 |
| Ameriprise Financial Services LLC | 50,000,000 |
| Apex Clearing Corporation | 6,000,000 |
| Bank of America | 100,000,000 |
| Bank of America Securities | 125,000,000 |
| Bank of Montreal | 35,000,000 |
| Bank of Nova Scotia | 15,000,000 |
| Barclays | 75,000,000 |
| Barclays Capital Inc | 125,000,000 |
| BMO Capital Markets Corp | 25,000,000 |
| BNP Paribas | 75,000,000 |
| BNP Paribas Securities Corp | 35,000,000 |
| BNY Mellon Securities Corporation | 40,000,000 (with Pershing LLC) |
| Caine Mitter and Associates Inc. | 94,000 |
| Cambridge Investment Research Inc. (together with Cambridge Investment Research Advisors Inc.) | 10,000,000 |
| Canaccord Genuity LLC | 1,250,000 |
| Cantor Fitzgerald | 16,000,000 |
| Ceros Financial Services | 75,000 |
| Cetera Advisor Networks LLC | 4,500,000 (with Cetera Investment Services LLC) |
| Cetera Investment Services LLC | 4,500,000 (with Cetera Advisor Networks LLC) |
| cfX Inc. | 42,000 |
| CHS Hedging Inc. | 650,000 |
| CIBC World Markets Corp. (with CIB Private Wealth Advisors, Inc.) | 12,000,000 |
| CIBC | 30,000,000 |
| Citi | 75,000,000 |
| Citigroup Financial Markets | 125,000,000 |
| Cowen and Company LLC | 16,500,000 (with Cowen Investment Management LLC) 3,000,000 |
| Cowen Investment Management LLC | 16,500,000 (with Cowen and Company LLC) |
| Credit Suisse | 75,000,000 |
| Credit Suisse Securities USA | 125,000,000 |
| CSG Advisors Inc. | 40,000 |
| Dawson James Securities | 500,000 |
| DBRS | 8,000,000 |
| Demotech, Inc. | 100,000 |
| Deutsche Bank | 75,000,000 |
| Deutsche Bank Securities | 125,000,000 |
| Edward D. Jones & Co. L.P. | 50,000,000 |
| Epoch Investment Partners | 30,000,000 (with TD Securities (USA) LLC and TD Private Client Wealth LLC) |
| Fifth Third Securities Inc. | 8,000,000 |
| First Trust Portfolios L.P. | 8,000,000 |
| Fitch Ratings, Inc. | 8,000,000 |
| Focused Wealth Management Inc. | 325,000 |
| Glazer Capital, LLC | 2,000,000 |
| Goldman Sachs | 205,500,000 |
| Great Point Capital LLC | 2,000,000 |
| Guggenheim Securities LLC (together with Guggenheim Partners Investment Management LLC) | 15,000,000 |
| H2C Securities | 250,000 |
| Haitong International Securities (USA) Inc. | 400,000 |
| Hilltop Securities Inc. | 1,600,000 |
| Houlihan Lokey Capital | 15,000,000 |
| HR Ratings de Mexico | 8,000,000 |
| HSBC | 75,000,000* |
| The Huntington Investment Company (HIC), together with Huntington Securities Inc. (HSI) and Capstone Capital Markets LLC | 1,250,000 |
| HSBC Securities USA | 15,000,000 |
| Interactive Brokers Corp Interactive Brokers LLC | 35,000,000 |
| Intesa Sanpaolo IMI Securities Corp. | 1,500,000 |
| Invesco Distributors, Inc (with Invesco Advisers Inc.) | 35,000,000 |
| Jefferies | 80,000,000 |
| Jones Trading Institutional Services LLC | 100,000 |
| JPMorgan Chase & Co. | 200,000,000 |
| Kaufman Hall & Associates LLC (together with Ponder & Co.) | $324,000 |
| Key Investment Services LLC (together with KeyBanc Capital Markets Inc.) | 10,000,000 |
| Kroll Bond Rating Agency LLC | 4,000,000 |
| Lincoln Financial Advisors Corporation, (together with Lincoln Financial Securities Corporation) | 8,500,000 |
| LPL Financial LLC | 50,000,000 |
| Mizuho Securities USA LLC | 25,000,000 |
| Moelis & Company LLC | 10,000,000 |
| Moody’s Investors Service, Inc. | 20,000,000 |
| Montague DeRose & Associates LLC | 40,000 |
| Morgan Stanley | 206,800,000 |
| Nomura Securities International | 50,000,000 |
| Nomura | 50,000,000 |
| Northwestern Mutual Investment Services LLC (together with Northwestern Mutual Investment Management Co. LLC (NMIM) and Mason Street Advisors LLC) | 16,500,000 |
| Nuveen Securities LLC | 8,500,000 |
| Oppenheimer & Co. Inc. | 13,000,000 |
| Osaic Services Inc. | 18,000,000 (with Osaic Wealth Inc.) |
| Osaic Wealth Inc. | 18,000,000 (with Osaic Services Inc.) |
| PFM Financial Advisors LLC | 250,000 |
| Phoenix Advisors LLC | 40,000 |
| P. Schoenfeld Asset Management LP | 1,250,000 |
| Perella Weinberg Partners LP Tudor, Pickering, Holt & Co. Securities LLC Perella Weinberg Partners Capital Management LP | 2,500,000 |
| Pershing LLC | 40,000,000 (with BNY Mellon Securities Corporation) |
| Piper Sandler & Co. | 14,000,000 |
| Piper Sandler Hedging Services LLC | 2,000,000 |
| Public Resources Advisory Group Inc. | 184,000 |
| Qatalyst Partners LLP | No penalty |
| Raymond James & Associates Inc. | 50,000,000 |
| RBC Capital Markets LLC | 45,000,000 |
| Regions Securities LLC | 750,000 |
| Robert W. Baird & Co. | 15,000,000 |
| S&P Global Ratings | 20,000,000 |
| Senvest Management LLC | 6,500,000 |
| SG Americas Securities | 35,000,000 |
| SMBC Nikko Securities America | 9,000,000 |
| Scotia Capital USA | 7,500,000 |
| Société Générale | 75,000,000 |
| Specialized Public Finance Inc. | 250,000 |
| Stifel, Nicolaus & Company, Inc. | 35,000,000 |
| TD Bank | 79,000,000 |
| TD Private Client Wealth LLC | 30,000,000 (with TD Securities (USA) LLC and Epoch Investment Partners) |
| TD Securities (USA) LLC | 30,000,000 (with TD Private Client Wealth LLC and Epoch Investment Partners) |
| Truist Bank | 3,000,000 |
| Truist Advisory Services Inc. | 5,500,000 (with Truist Investment Services Inc. and Truist Securities Inc.) |
| Truist Investment Services Inc. | 5,500,000 (with Truist Advisory Services Inc. and Truist Securities Inc.) |
| Truist Securities Inc. | 5,500,000 (with Truist Advisory Services Inc. and Truist Investment Services Inc.) |
| UBS | 75,000,000 |
| UBS Securities | 125,000,000 |
| US Bancorp Investments Inc. | 8,000,000 |
| U.S. Bank | 6,000,000 |
| Wedbush Securities | 10,000,000 |
| Wells Fargo | 200,000,000 |
| William Blair & Company LLC William Blair Investment Management LLC | 10,000,000 |
| Zions Public Finance Inc. | 47,000 |
* Includes fines for related offences
Actions
Full list of actions involving recordkeeping brought by the SEC, CFTC and the UK’s Ofgem.
CFTC
Ofgem
| Date | Action |
|---|---|
| August 2023 | Ofgem fines of $6.8m on Morgan Stanley for comms recordkeeping failure |
FINRA
| Date | Action |
|---|---|
| February 2024 | FINRA fines Ceros Financial Services |
| March 2024 | FINRA fines H2C Securities |
| April 2024 | FINRA fines Dawson James |
SEC
| Date | Action |
|---|---|
| September 2020 | SEC fine of $100k on broker-dealer |
| December 2020 | SEC fine of $125m on JPMorgan Chase & Co. |
| September 2022 | SEC fines of $1.1 billon on 16 institutions |
| May 2023 | SEC fines of $22.5m against two firms |
| August 2023 | SEC fines of $289m on 11 institutions |
| September 2023 | SEC fines of $79m on 10 firms |
| September 2023 | SEC fines of $12m on two credit rating agencies |
| February 2024 | SEC fines of $81m on 16 firms |
| March 2024 | SEC fines Senvest $6.5m |
| August 2024 | SEC fines of $392.75m on 26 firms |
| September 2024 | SEC fines of $49m on six credit rating agencies |
| September 2024 | SEC fines of 85m on 12 firms |
