Five Broker-Dealers Fined $1.65 Million For Sales Issues

The Financial Industry Regulatory Authority fined five bank broker-dealers a combined $1.65 million for deficient supervision and procedures related to the sale of variable annuities, mutual funds and unit investment trusts... The biggest fine was $450,000 for IFMG Securities, which was purchased in 2007 by LPL Financial, a broker/dealer which supports more than 12,000 financial advisers. Others fined included McDonald Investments, now part of KeyCorp (KEY), which received a $425,000 fine. Also sanctioned were Wells Fargo & Co. (WFC) with a $275,000 fine while PNC Financial Services Group Inc. (PNC) and JPMorgan Chase & Co. (JPM) were each fined $250,000...

CNN Money: Five Broker-Dealers Fined $1.65 Million For Sales Issues