Santander Securities to Pay $6.4 Million Over Puerto Rican Bonds - FINRA

A unit of Santander on Tuesday will pay $6.4 million for its failures related to the sales of Puerto Rican municipal bonds, U.S. regulators said.

In a statement, the Financial Industry Regulatory Authority said Santander Securities would pay more than $4.3 million in restitution to some customers who were solicited to buy the bonds and offer to buy back the securities. It will also pay a $2 million fine, FINRA said in a statement. (Reporting by Susan Heavey)