In May 2015, Moody Securities LLC signed a letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) to settle charges that the firm violated FINRA rules governing underwriting compensation.
Specifically, FINRA determined that Moody’s written supervisory procedures (WSPs) failed to provide guidelines to monitor organization and offering expenses or underwriting compensation during the time of the firm’s affiliated real estate investment trust (REIT) offering for which Moody received underwriting compensation that exceeded 10% of the offering’s gross proceeds.
Moody did not admit or deny the FINRA findings, but agreed to pay a $350,000 to the REIT investors to resolve FINRA allegations.
If you would like more information, please fill out the form on the right or contact the following attorney:
Andrei Rado, Esq.
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Milberg LLP has been representing consumers and investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States.
Prior Results Do Not Guarantee A Similar Outcome.