ARTICLE
7 January 2019

Firm Settles FINRA Charges For Excessive Markups On Corporate Bond Transactions

CW
Cadwalader, Wickersham & Taft LLP

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Cadwalader, established in 1792, serves a diverse client base, including many of the world's leading financial institutions, funds and corporations. With offices in the United States and Europe, Cadwalader offers legal representation in antitrust, banking, corporate finance, corporate governance, executive compensation, financial restructuring, intellectual property, litigation, mergers and acquisitions, private equity, private wealth, real estate, regulation, securitization, structured finance, tax and white collar defense.
NTB agreed to a censure and to pay $45,000 in penalties.
United States Finance and Banking

A broker-dealer agreed to settle FINRA charges for charging its customers prices that were illegal in 71 principal transactions concerning a single corporate bond.

According to the Letter of Acceptance, Waiver and Consent, NTB Financial Corporation ("NTB") charged its customers around $43,000 in excessive markups on 71 corporate bond transactions. FINRA stated that the markups ranged from 4.64 percent to 5.07 percent on a corporate bond.

NTB agreed to a censure and to pay $45,000 in penalties.

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