Operating in the $3.7 trillion muni market, 36 municipal bond underwriters ordered collectively to pay about $9 million in compensation over fraudulent offerings, as part of the first pact of its kind with U.S. regulators.
Link to the SEC’s orders and penalty amounts:
- The Baker Group, LP – $250,000
- B.C. Ziegler and Company – $250,000
- Benchmark Securities, LLC – $100,000
- Bernardi Securities, Inc. – $100,000
- BMO Capital Markets GKST Inc. – $250,000
- BNY Mellon Capital Markets, LLC – $120,000
- BOSC, Inc. – $250,000
- Central States Capital Markets, LLC – $60,000
- Citigroup Global Markets Inc. – $500,000
- City Securities Corporation – $250,000
- Davenport & Company LLC – $80,000
- Dougherty & Co. LLC – $250,000
- First National Capital Markets, Inc. – $100,000
- George K. Baum & Company – $250,000
- Goldman, Sachs & Co. – $500,000
- Hutchinson, Shockey, Erley & Co. – $220,000
- J.P. Morgan Securities LLC – $500,000
- L.J. Hart and Company – $100,000
- Loop Capital Markets, LLC – $60,000
- Martin Nelson & Co., Inc. – $100,000
- Merchant Capital, L.L.C. – $100,000
- Merrill Lynch, Pierce, Fenner & Smith Incorporated – $500,000
- Morgan Stanley & Co. LLC – $500,000
- The Northern Trust Company – $60,000
- Oppenheimer & Co. Inc. – $400,000
- Piper Jaffray & Co. – $500,000
- Raymond James & Associates, Inc. – $500,000
- RBC Capital Markets, LLC – $500,000
- Robert W. Baird & Co. Incorporated – $500,000
- Siebert Brandford Shank & Co., LLC – $240,000
- Smith Hayes Financial Services Corporation – $40,000
- Stephens Inc. – $400,000
- Sterne, Agee & Leach, Inc. – $80,000
- Stifel, Nicolaus & Company, Inc. – $500,000
- Wells Nelson & Associates, LLC – $100,000
- William Blair & Co., L.L.C. – $80,000