FINRA imposes $270k fine on The Oak Ridge Financial Services Group
The Oak Ridge Financial Services Group, Inc. has agreed to a $270,000 fine as a part of a settlement with FINRA.
The Oak Ridge Financial Services Group, Inc. has agreed to pay a $270,000 fine as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
Between April 2020 and January 2024, Oak Ridge effected 89 corporate bond transactions with its customers at unfair prices because the firm used the incorrect prevailing market price of the bond. Additionally, in 27 corporate bond transactions where the firm used the correct prevailing market price, its mark-up or mark-down was unfair compared to similar corporate bond transactions.
Accordingly, Oak Ridge violated FINRA Rules 2121 and 2010.
During the time period of September 2018 and January 2024, the firm failed to establish and maintain a supervisory system, including written supervisory procedures, reasonably designed to achieve compliance with its fair pricing obligations in violation of FINRA Rules 3110 and 2010.
In addition to the $270,000 fine, the firm has agreed to pay restitution to affected customers in the amount of $68,857.69 plus interest.
The firm has also agreed to a censure.
Oak Ridge has been a FINRA member since 1997. The firm offers wealth management and investment banking services and has 57 registered representatives operating from two branches in Minnesota.
Maria Nikolova
Maria has been engaged in journalism for more than 17 years, providing Forex industry coverage for the past 10 years. Before joining FNG she was Managing Editor at FinanceFeeds. Prior to that, she worked at LeapRate. Maria has a Philosophy degree from the St. Kliment Ochridski university in Sofia. She has specialized in Cognitive Science in Vienna. Her interests include psychology, AI, and linguistics.Related Posts
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