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Firm Settles FINRA Charges for Late Private Placement Filings

A firm settled FINRA charges for failing to timely file private placement offering documents. 

According to the AWC, the firm "failed to timely file" offering documents with FINRA for 18 private offerings. FINRA found the firm made the filings "between 14 days and 1,020 days" beyond the required 15 calendar days of the first sale, with twelve submissions "more than one year" past the deadline. 

FINRA concluded that the firm violated FINRA Rules 2010 ("Standards of Commercial Honor and Principles of Trade") and 5123 ("Private Placements of Securities"). 

To settle the charges, the firm agreed to (i) a censure and (ii) a $20,000 fine.

Primary Sources

  1. FINRA: AWC: Integral Wealth Securities LLC, formerly known as Amera Securities LLC

Tags

Regulated Activities
Distribution Procedures Regulatory Reporting
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