Improper Soft Dollar Payments
December 1, 2009 by MoneyElement · Leave a Comment
FINRA has fined Terra Nova Financial $400,000 for making over $1Million in improper soft dollar payments to five hedge fund managers. The charges were also due to poor supervision and failing to retain its business-related electronic instant messages.
“Broker-dealers that collect soft dollars and make payments for their hedge fund clients must possess and implement adequate [...]
