FINRA disciplinary actions related to advertising violations continued to climb last year, rising from 45 in 2011 to 50 last year. However, fines from those cases dropped sharply, from $21.1 million in 2011 to $10.4 million in 2012.
The primary reason for the drop-off in fines was because there were no auction rate securities cases in 2012, said Brian Rubin, partner in the Washington, D.C., law firm Sutherland Asbill & Brennan. In 2011, those cases accounted for $9.5 million of the fines in advertising cases.
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