How to make sure your company doesn’t get m&p: “M&P” guide
How to know what’s happening in the financial world and make sure it doesn’t end up in your favor.
It’s the story of the last few weeks.
A group of traders and financial advisers got into an altercation over a transaction.
It’s an incident that’s led to a $250 million settlement in the U.S. Securities and Exchange Commission’s class-action lawsuit.
And, to add insult to injury, they’re now facing fines and other penalties.
M&P Financial Advisors has been fined $250,000 for misleading clients and investors.
They’ve been accused of lying about how many funds they had in their brokerage accounts.
And they’ve been criticized by many of the people they served, including several former customers and employees.MGM has agreed to pay $100 million to settle the case.
But a judge also said the company must also provide an explanation for how it handled the issue.
That explanation has been pretty vague.
M&:P said it learned of the settlement “after a thorough review of its procedures.”
“M&s policies and procedures have always been clear and consistent with the law and M&s guidance and guidance from its independent regulators,” the company said in a statement.
The $250M settlement was announced in January.
This was not the first time the SEC had to take action against M&M Advisors.
In 2010, it slapped a $25,000 fine on the firm for allegedly misleading clients about the risk of a credit card loss.
Merrill Lynch was fined $125,000 last month for allegedly lying about the extent of its own client funds.
M &: P Financial Advisers also lost $50,000 in a 2012 settlement.
M & Financial Advisists is now being investigated by the SEC for its handling of the incident.
The SEC said it was investigating the matter because of the potential for harm to the SEC’s credibility, which could affect investors and regulators’ ability to protect the public.