FINRA fines StateTrust Investments $1 mln for fraudulent bond deals

June 26 Wed Jun 26, 2013 11:19am EDT

June 26 (Reuters) - Wall Street's industry-funded watchdog The Financial Industry Regulatory Authority (FINRA) said it has fined securities firm StateTrust Investments Inc $1.045 million for fraudulent corporate bond transactions.

It also imposed a fine of $75,000 on the firm's head trader, Jose Luis Turnes, and suspended him for six months.

FINRA also ordered StateTrust to pay more than $353,000 in restitution and interest to customers who had received unfair prices.

In 2012, Jeffrey Cimbal, StateTrust's chief compliance officer, was also fined $20,000 and suspended for five months for failing to supervise Turnes.