WASHINGTON — UBS Financial Services Inc. was fined $300,000 by FINRA for failing to supervise and prevent excessive cross-trading of municipal securities between the customer accounts of one broker for a two-year period.
The self-regulator also ordered five other firms — Coastal Securities Inc. in Houston, Fifth Third Securities Inc. in Cincinnati, as well as Guggenheim Securities LLC, the Williams Capital Group LP, and the Winchester Group Inc., which are based in New York — to pay a total of $151,670 for pricing and muni trade reporting violations.
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