Wedbush abandoned its appeal of a $1 million FINRA fine for reporting violations – a penalty made more severe because of the firm's "extensive disciplinary history," according to the regulator.

The Los Angeles-based firm, founded by Edward Wedbush, has been hit with more than $1.6 million in FINRA fines over the past year, according to the regulator. FINRA said the $1 million fine that Wedbush tried to appeal was warranted because the firm committed "egregious" and "willful" violations, including a failure to report more than 5.6 million transactions on its blue sheet transmissions.

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