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FINRA acts to protect municipal bond investors

By Phillips & Cohen LLP

The Financial Industry Regulatory Authority (FINRA) announced that it will be surveying retail sales practices in the municipal securities market.

FINRA investigators are conducting sweeps to gather information in three distinct areas: industry sales to retail investors; municipal securities involving swaps and derivatives for small municipalities; and sales of certain so-called municipal Gas Bonds that were underwritten and guaranteed by the now-defunct Lehman Brothers and quickly became distressed.

FINRA is an industry-funded group that polices Wall Street.

Full post as published by False Claims Act - Qui Tam on July 20, 2009 (boomark / email).