Stoltmann Law Offices, based in Chicago and Barrington, Illinois has received information from the Financial Industry Regulatory Authority’s (FINRA) website that Ultralat Capital Markets was censured, fined $140,000, required to pay disgorgement of excessive markups in the amount of $48,055.84, plus interest, and required to submit a certification indicating that it reviewed and revised its Written Supervisory Procedures (WSPs). This is according to a FINRA Letter of Acceptance, Waiver and Consent (AWC). The AWC alleged that Ultralat Capital Markets used non-market FX rates in certain bond swap transactions for retail clients, most of whom were referred to the firm by its owner, without disclosing to those clients that the trades were executed with FX rates away from the current market rate. FINRA found that for certain bond swap transactions, the firm adjusted the FX rate for each buy and sell in the bond swap my manually inputting into the firm’s trade execution system, an FX rate that was a non-market rate. This is against securities rules and regulations. Clients of Ultralat can sue the firm in the FINRA arbitration forum on a contingency fee basis if they lost money. Please call us at 312-332-4200 for a free consultation with an attorney to find out how.
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