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FINRA orders Purshe Kaplan Sterling to pay USD 3.4m to Native American tribe.

M2 EQUITYBITES-February 24, 2017-FINRA orders Purshe Kaplan Sterling to pay USD 3.4m to Native American tribe

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The Financial Industry Regulatory Authority (FINRA) announced that Albany, New York-based Purshe Kaplan Sterling Investments (PKS) will pay nearly USD 3.4m in restitution to a Native American tribe, after the tribe paid excessive sales charges on purchases of non-traded Real Estate Investment Trusts (REITs) and Business Development companies (BDCs), the authority said.

In addition to ordering restitution, FINRA fined PKS USD 750,000 for its failures to supervise the sales of these securities. This settlement resolves charges brought in a February 2016 FINRA complaint against PKS. The charges alleged in the same complaint against the tribe's PKS registered representative, Gopi Vungarala, are ongoing.

In concluding this settlement, PKS neither admitted nor denied the charges, but consented to the entry of FINRA's findings.

FINRA regulates securities firms doing business in the United States. It provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities.

Purshe Kaplan Sterling Investments is a full-service broker/dealer and financial services firm headquartered in Albany, New York. It traces its roots to 1993 when it began as a regional brokerage firm. It now has over 440 offices and more than 1200 Registered Representatives operating in a classic open architecture environment.

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Publication:M2 EquityBites (EQB)
Date:Feb 24, 2017
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