(FINRA Case #2013038868601)
Santander Securities LLC (CRD #41791, Dorchester, Massachusetts) submitted an AWC (Accept, Waiver & Consent) in which the firm was censured, fined $175,000 and ordered to pay $62,807.48, plus interest, in restitution to customers.
Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it sold municipal securities from its own account to a customer at an aggregate price (including any mark-up) that was not fair and reasonable.
The relevant factors included in determining that the securities were sold at an unfair and reasonable price, including the best judgment of the broker, dealer or municipal securities dealer as to the fair market value of the securities at the time of the transaction and of any securities exchanged or traded in connection with the transaction; the expense involved in effecting the transaction; the fact that the broker, dealer or municipal securities dealer is entitled to a profit; and the total dollar amount of the transaction.
If you feel you have been misled or taken advantage by Santander Securities LLC or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.