The Financial Industry Regulatory Authority (FINRA) announced that it has fined a Houston company, SMH Capital Inc., $450,000 for failing to adopt adequate procedures in its prime brokerage and soft dollar services to hedge funds.

FINRA, the Financial Industry Regulatory Authority, is the largest non-governmental regulator for all securities firms doing business in the United States.

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More at; SMH Capital Fined $450 K for Improper Hedge Fund Sales