The SEC charged a broker-dealer for failing to file suspicious activity reports regarding OTC trades of low-priced securities. The SEC alleged the trades constituted a "red flag" as defined in the broker-dealer's own procedures.
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SEC Office of Compliance Inspections and Examinations Director Peter Driscoll urged firms to establish and maintain strong compliance programs that address AML, microcap securities, paying agents and cybersecurity.
Two broker-dealer firms agreed to settle SEC and FINRA charges of anti-money laundering violations for failing to report suspicious penny stock sales.
The SEC charged a brokerage firm with anti-money laundering violations involving repeated failures to report suspicious activity.
The SEC brought administrative proceedings against a brokerage firm, and civil proceedings against several firm customers, for a scheme involving $24.8 million in "penny stock" transactions.