Barclays Fined $1.3 Million Over Reporting Errors

Barclays Capital Inc. has been fined $1.3 million by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to accurately report billions of trades during an eight-year period dating back to 2008.

FINRA accused Barclays of several order audit trail system reporting violations by submitting over 3 billion incorrect or incomplete trade reports – and failing to submit nearly 332 million trade reports entirely.

The regulatory agency identified 15 problems at issue here, ranging from mistakes by third-party vendors and an algorithmic error in the firm’s trading platform. These errors amounted to a value of nearly 3% of all reportable order events dating back to September 2008.

Barclays was also charged with failure to maintain adequate supervisory systems to catch these errors and flag the missing or incorrect/incomplete reports. The fine breaks down to $950,000 for inaccurate recording violations and $350,000 for inadequate supervision.

Just last year alone, Barclays paid $800,000 to settle claims that it failed to update its reporting systems to meet FINRA guidelines that were updated in 2009, and an additional $1 million to settle FINRA claims that it issued flawed data on a bond index it published and then failed to fix for months after its discovery.

Have you suffered investment losses?

The attorneys at Dimond Kaplan & Rothstein, P.A. have recovered more than $100 million from banks and brokerage firms for their wrongful actions.

If you suffered an investment loss based on actions of your brokerage firm, you may have certain legal rights that require your immediate attention. Contact us to schedule an appointment or consultation today.

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