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In July 2013, FINRA announced that StockCross Financial Services, Inc.  submitted a Letter of Acceptance, Waiver and Consent in which the firm agreed to be censured, fined $20,000 and required to pay $6,781.40, plus interest, in restitution to customers. Without admitting or denying the findings, the firm  consented to the described sanctions and to the entry of findings that it sold (bought) corporate bonds to (from) customers and failed to sell (buy) such bonds at a price that was fair, taking into consideration all relevant circumstances, including market conditions with respect to each bond at the time of the transaction, the expense involved and that the firm was entitled to a profit.  The markdowns at issue were below 4%, and the mark-ups at issue were between 2.26% and 5.26%.  It was unclear whether the customers initiated FINRA arbitrations, or any other type of securities arbitration.