FINRA fines 5 Wall Street banks over payments to lobbyists

12/27/2012 | Reuters

The Financial Industry Regulatory Authority said it imposed fines of just over $4.48 million on five Wall Street banks for improperly attempting to obtain reimbursement for payments to lobbyists from the proceeds of state and municipal bond sales. The regulator said the banks asked for the refund of fees paid to the California Public Securities Association by claiming that lobbying payments were underwriting expenses.

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