BOSTON (AP) - 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.