Faulty consolidated reporting systems have resulted in heavy FINRA fines for two big independent broker-dealers.

Triad Advisors, based in Atlanta, and La Vista, Neb.-based Securities America received fines of $650,000 and $625,000, respectively, for "failing to supervise the use of consolidated reporting systems resulting in statements with inaccurate valuations being sent to customers," according to a FINRA statement. The firms were also cited by FINRA for "failing to retain the consolidated reports in accordance with securities laws."

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