Tag Archives: CMOs

Former CEO of Brookstreet Securities Fined $10 Million for CMO Fraud

A federal judge in Los Angeles has ordered Stanley C. Brooks, the former CEO of Brookstreet Securities Corp., to pay the maximum civil penalty of $10 million in a securities fraud case that goes back to the financial crisis, the Securities and Exchange Commission (SEC) announced on March 2. According to the docket, Judge David […]

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Broker-Dealer Stone & Youngberg Fined $350,000 for Excessive Markups on CMOs

February 25, 2012  |   Posted by :   |   Excessive Markups, Investment and Regulatory News   |   0 Comments

Broker-dealer Stone & Youngberg have been fined $350,000 and censured by the Financial Industry Regulatory Authority (FINRA) for charging excessive markups on trades of collateralized mortgage obligation securities (CMOs) for retail customers. The firm was also required to pay about $206,000 in restitution to customers, without interest, per the terms of a Letter of Acceptance, […]

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