The Securities and Exchange Commission fined 13 firms in excess of US $850,000 for selling to retail clients non-investment grade or so-called “junk” bonds from an issuance of Puerto Rico debt earlier this year in increments of less than US $100,000. This was below the minimum increment of US $100,000 that was provided for in the official statement related to the issue. A rule of the Municipal Securities Rulemaking Board (G-15(f)) prohibits dealers from engaging in customer transactions in municipal securities below the minimum increment of an issue. This, according to the SEC, is generally “intended to limit securities to retail customers form whom such bonds may not be suitable.” The sanctioned firms were fined from US $54,000 to $130,000.