Revere Securities LLC has agreed to pay a fine of $125,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).

Since at least April 2013 through February 2023, Revere had a practice of marking order tickets in syndicate offerings as unsolicited because such SEC-registered offerings are sold only by prospectus, regardless of whether the registered representative recommended the transaction to the customer.

Accordingly, in all syndicate offerings during that time period, the firm mismarked thousands of trade tickets for investments in syndicate offerings of IPOs, bonds, and REITs as unsolicited.

In fact, Revere’s registered representatives had solicited most of these syndicate trades.

Therefore, Revere violated Section 17(a) of the Exchange Act, Rule 17a-3 thereunder, and FINRA Rules 4511 and 2010.

As a result, Revere was censured and fined $125,000.

Revere became a FINRA member in 1983. The firm conducts a general securities business and is headquartered in New York, New York. The firm employs 32 registered representatives across three branches.