Another firm fined for acting simultaneously as the issuer’s financial advisor and underwriter

Ameritas paid $10,000 to settle charges of violating MSRB Rule G-23 on activities of financial advisors.
Between Feb. 10, 2018, and Aug. 20, 2018, Ameritas provided underwriting services for an issue with which it had an active “blanket” financial advisory agreement, therefore acting simultaneously as the issuer’s financial advisor and underwriter, FINRA found.
In 2011, the MSRB amended its Rule G-23 so that a firm with a financial advisory relationship to an issuance of muni securities cannot act as an underwriter for that same issuance.
(Read more: The Bond Buyer)