The Financial Industry Regulatory Authority (FINRA) reports that it has censured and fined M&T Securities, Inc. $300,000 for failing to establish and maintain a supervisory system. M&T submitted an AWC consenting to the sanctions without admitting or denying FINRA's findings. According to FINRA's March report of disciplinary actions, M&T's system was not designed to ensure delivery of prospectuses to customers who had money market sweep accounts.
M&T Securities Fined $300,000
March 23, 2015