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Broker-Dealer Fined for Failing to Timely File Private Placement Offering Documents

A broker-dealer settled FINRA charges for failing to timely file offering documents for multiple private offerings.

According to FINRA, the broker-dealer made the required regulatory filings on average approximately 400 days after the deadline. FINRA found that the broker-dealer's supervisory controls relating to private placements did not make any reference to the requirements under FINRA Rule 5123 ("Private Placements of Securities").

FINRA determined that the broker-dealer violated FINRA Rule 2010 ("Standards of Commercial Honor and Principles of Trade"), Rule 3110 ("Supervision") and Rule 5123. To settle the charges, the broker-dealer agreed to (i) a censure and (ii) a civil monetary penalty of $30,000.

Primary Sources

  1. FINRA AWC: Rosenblatt Securities Inc.

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Tags

Regulated Activities
Distribution Procedures Regulatory Reporting Supervision / Compliance
Sub-Activity
Private Placements; SA Section 4(a)(2)
Regulated Entities
Broker-Dealers
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
FINRA / MSRB / SEC Exchanges / SIPC / Accountants
Sub-Author
FINRA