FINRA fines, suspends broker for MSRB rule violation

A former broker and investment advisor has been suspended by the Financial Industry Regulatory Authority for violating MSRB Rule G-8 on recordkeeping as a result of failing to identify the intended beneficiaries of multiple 529 or education expense plan accounts. Wayne Von Borstel has agreed to a deferred $5,000 civil and administrative fine and is suspended from all capacities for 15 business days beginning Aug. 1 and ending on Aug. 19.

And if you missed any of our ESG Week coverage, make sure to check our ESG special section which has all the articles, the podcast and a taped version of the Leaders event.

A handful of House Democrats who advocated for an increase in the state and local tax deduction cap appear ready to support the latest budget reconciliation bill that omits such provisions, dealing a blow to issuers who were proponents of SALT reform. The representatives may be the deciding votes for the package to pass through the House since Democrats can afford only four defectors against a Republican caucus united in opposition to the bill.

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As a new school year looms for students, Texas is once again giving parents and guardians a break by suspending sales taxes on apparel and school supplies particularly at a time inflation is hammering household budgets and its coffers are overflowing with cash. Texas is among 19 states holding a total of 34 sales tax holidays in 2022, according to the Federation of Tax Administrators (FTA). That’s up from 23 holidays in 16 states in pre-COVID pandemic 2019 and 27 in 17 states in 2021.

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The Bond Buyer’s Rising Stars program’s return for a seventh year will include the inaugural inductions into The Bond Buyer Hall of Fame at an awards ceremony at the close of The Bond Buyer’s Infrastructure event November 15. Visit our website to make nominations in either category.

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Janney Montgomery Scott LLC has hired Citi's Alice Cheng to replace Erin Ortiz, who has moved into a new role for the firm’s Higher Education & Not-for-Profit Advisory Group. Cheng will fill Ortiz’s former position, joining the firm as a vice president and credit analyst tasked with working “with public finance, trading/underwriting and the sales verticals of Janney’s Municipal franchise,” according to the release from Janney. Her experience includes time at Citi’s Institutional Clients Group, Kroll Bond Rating Agency and Ambac Assurance.

Municipals were mostly firmer to kick off August, while U.S. Treasuries rallied out long. Muni-UST ratios on Monday were at 67% in five years, 84% in 10 years and 98% in 30 years, according to Refinitiv MMD's 3 p.m. read. ICE Data Services had the five at 65%, the 10 at 88% and the 30 at 98% at a 3:30 p.m. read. Summer redemption season starts winding down after Monday when issuers “return $26.8 billion of maturing and called bond principal, plus $8.6 billion of interest,” said Pat Luby, CreditSights municipal strategist.?