WASHINGTON (AP) — Securities industry regulators have fined brokerage Northern Trust Securities $600,000 for inadequate supervision of sales of complex mortgage securities and deficiencies in monitoring some large-volume trades of stocks and bonds.
The Financial Industry Regulatory Authority, the industry's self-policing organization, announced the fine Thursday against Chicago-based Northern Trust Securities. From January 2007 to June 2008, the regulators said, 43.5 percent of the firm's transactions weren't monitored or reviewed.
Northern Trust Securities neither admitted nor denied the allegations in agreeing to pay the fine.
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