$350,000 Regulatory fine for E*TRADE for severe surveillance issues
The U.S. FINRA fines E*Trade $350,000 for flaws in its surveillance systems. Of the $350,000 fine, $144,500 will go to FINRA, and the rest to Nasdaq, NYSE, Investors Exchange, and Cboe EDGX Exchange for similar violations, the FINRA filing said. FINRA found that E*Trade relied on automated surveillance reports to detect manipulative trading by customers. However, with regard to wash trades, prearranged trading, and marking-the-close, the reporting parameters were flawed enough to be inadequate.