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FINRA fines Sterne Agee & Leach over failure to supervise former CEO

The Financial Industry Regulatory Authority censured and fined Sterne Agee & Leach Inc. $160,000 for allegedly failing to monitor the activities of former CEO James Holbrook Jr., InvestmentNews reported.

The regulator said the company was unable to "appropriately supervise" Holbrook's activities between June 1, 2011, and May 23, 2014. The FINRA release did not mention Holbrook by name, the news outlet noted.

Holbrook was dismissed in May 2014.