Wednesday, July 30, 2008

E*Trade Fined

In reports at Reuters and MarketWatch, it was announced that E*Trade will pay a $1 million fine for failing to comply with SEC regulations. The anti-money laundering rule requires that brokers must verify the identities of their customers, something that E*Trade has been failing to do. According to the report, they failed to do this for at least 65,000 customers, and as a result are paying the fine.

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