Bloomberg reports that Sirianni marked up bonds as much as 16% from July 2008 through June 2009, Finra said Monday in a statement. Oppenheimer was also ordered to pay a $675,000 fine and $246,000 in restitution. The brokerage and the trader settled the case without admitting to the allegations, Wall Street’s self-regulator said in the statement.
'Finra has no tolerance for firms or individuals who charge customers excessive markups,' Thomas Gira, Finra’s head of market regulation, said in the statement.
The investigation involved 89 transactions in which the brokerage added more than 5% to the cost of the bonds, Finra said.
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