FINRA Fines Arkansas Brokerage Firm R.M. Duncan Securities Inc.

The Financial Industry Regulatory Authority (FINRA) issued a joint several fine of $90,000 on Little Rock, Arkansas brokerage firm R.M. Duncan Securities and two of the firm’s principals. FINRA also issued an additional $15,000 fine only to R. M. Duncan. FINRA found that the brokerage firm sold municipal securities for their own accounts to customers at aggregate prices (including any mark-ups) that were not fair and reasonable. FINRA findings reflect that the firm executed bond transactions and later sold the bonds to customers at prices that were

approximately 55 percent higher than the prevailing market price. The R.M. Duncan firm also apparently told customers that they would receive an 11 percent tax-free yield on the bond interest payments, despite the fact that the bonds were in default and were not paying fullinterest. Over the past several years, FINRA has fined numerous brokerage firms for municipal bond fraud, including charging excessive mark-ups and mark-downs.

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