Mass. Levied $26M In Securities Fines In FY13

Massachusetts Secretary of State William Galvin says his office imposed $26 million in fines for violations of security laws in the budget year that ended June 30.

In addition to the fines, Galvin said Wednesday that the Massachusetts Securities Division ordered $13 million in restitution to investors who were hurt by illegal actions. He said many of those were seniors.

The fines included a penalty imposed in March against Deutsche Bank Securities and stemmed from conflict of interest charges over the structuring and sale of debt obligations.

Galvin said money collected as a result of the fines is deposited in the state's General Fund.