Recently, George K. Baum & Company entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). The company allegedly received certain reimbursements from municipal bond proceeds for expenses incurred during three municipal bond rating trips that were not reasonably related to the business purpose of the trips. It also failed to establish and maintain a supervisory system for ratings trip expenses that was reasonably designed to ensure compliance with FINRA rules. The firm allegedly did not fully review all of the relevant information regarding itineraries and agendas in connection with all of its expenses related to business trips. This occurred between February 2014 and December 2014. These are against securities rules and regulations. For this, GKB was censured and fined $35,000. You may be able to recover your investment losses with GKB on a contingency fee basis in the FINRA arbitration forum if you lost money with the firm.
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