Penalties and fines

Morgan Stanley, a previous employer, won $243,000 in an earlier arbitration case.

The arbitration award comes a month after the wirehouse had to pay a similar amount to clients stemming from the sale of debt from the island commonwealth.

Citigroup Global Markets paid a $1 million penalty to New York State for overcharging more than 47,000 customers. It will also reimburse the customers.

The regulator said "significant deficiencies" affected hundreds of millions of records.

The firm was accused of using transactions with an affiliate to reduce the amount it was required to keep in its customer reserve account.

Millions in clients' funds was steered into a sports ticketing business.

The problem began when a hyperlink was missing from where clients were accustomed to reviewing their transactions online.

Though against the firm's policy, the wirehouse still permitted the purchase of securities with credit lines "on thousands of occasions" during a four-year period, according to the regulator.

The regulator, in a proposed final judgement, wants the former planner held liable for $123,000 spent on golf outings, shopping and cruises.

The firm was fined $1.57 million and must pay clients another $1.85 million for related infractions, the regulator said.