February 5, 2018 / 5:34 PM / 9 months ago

BRIEF-FINRA Fines Wedbush Securities $1.5 Million For Customer Protection, Net Capital Rule Violations

Feb 5 (Reuters) - The Financial Industry Regulatory Authority (FINRA) :

* FINRA FINES WEDBUSH SECURITIES INC $1.5 MILLION FOR CUSTOMER PROTECTION, NET CAPITAL RULE VIOLATIONS AND RELATED FAILURES‍​

* FINRA SAYS DURING A FIVE-MONTH PERIOD IN 2015 AND 2016, WEDBUSH WAS NET CAPITAL DEFICIENT, RANGING BETWEEN $10.5 MILLION AND $59.4 MILLION

* FINRA SAYS FROM 2011 TO 2016, WEDBUSH FAILED TO ACCURATELY CALCULATE ITS CUSTOMER RESERVE REQUIREMENT ON 84 OCCASIONS

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