E*Trade fined $900,000 for handling of customer orders

handful of moneyThe Financial Industry Regulatory Authority said Thursday it has censured and fined E*Trade Securities LLC $900,000 for “failing to conduct an adequate review of the quality of execution of its customers’ orders and for supervisory deficiencies concerning the protection of customer order information.”

E*Trade neither admitted nor denied the charges, but consented to the entry of the regulatory organization’s findings, a FINRA statement said.

The settlement reminds companies they must “remain diligent” in carrying out obligations to customers, said Thomas Gira, FINRA executive vice president and head of market regulation.

“This matter further underscores that firms must have real systems and processes in place to ensure that confidential customer information is protected,” Gira said in a statement.

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