Posted On: 02/13/2015 8:22:43 AM
Post# of 43066
one of 'em >> BMAS
certainly got their wrist slapped
couldn't happen to a more deserving fellow
good ole' *Burt* .. what a *piece* of >> er >> work
and yep >> BMAS *entered* as a .. MM .. in PTOI
FINRA Fines, Censures BMA Securities on AML Failures
FINRA censured BMA Securities, aka Burt Martin Arnold Securities Inc. , and fined the firm $325,000 over anti-money laundering compliance and monitoring failures.
In addition, the agency required the firm to bring in an independent consultant to review its policies, systems and procedures and training related to anti-money laundering (AML) compliance and monitoring.
According to the agency, the firm, on behalf of certain clients, sold certain shares of an issuer whose securities were not registered and were not subject to an applicable exemption from registration. In spite of red flags, the firm approved the sale and concluded that the customers were not acting in concert. It did not revisit that decision despite the fact that, just six days later, six of the customers sold approximately 4 million shares in one day .
The firm ignored the obvious coordination of efforts and possible control relationship, continuing to accept for deposit and then sell out the issuer’s shares for the group’s accounts. No additional investigation was conducted. It also never checked to be sure that the stock could properly be sold.
FINRA also found that the firm had failed to put in place a supervisory system and WSPs adequate for compliance in these instances, and failed to put in place and use an adequate AML program. It also failed to establish an adequate customer identification program (CIP) and failed in some instances to gather and check appropriate documentation about the customers. That resulted in customers being permitted to participate in suspicious activity without appropriate documents in the file.
In addition, the firm failed to provide customers with disclosures of the profits to the firm and a former trader of the firm, in situations where the trader bought exchange-traded securities.
http://www.thinkadvisor.com/2015/02/06/sec-fi...t-3-others
slowly but surely
4kids
certainly got their wrist slapped
couldn't happen to a more deserving fellow
good ole' *Burt* .. what a *piece* of >> er >> work
and yep >> BMAS *entered* as a .. MM .. in PTOI
FINRA Fines, Censures BMA Securities on AML Failures
FINRA censured BMA Securities, aka Burt Martin Arnold Securities Inc. , and fined the firm $325,000 over anti-money laundering compliance and monitoring failures.
In addition, the agency required the firm to bring in an independent consultant to review its policies, systems and procedures and training related to anti-money laundering (AML) compliance and monitoring.
According to the agency, the firm, on behalf of certain clients, sold certain shares of an issuer whose securities were not registered and were not subject to an applicable exemption from registration. In spite of red flags, the firm approved the sale and concluded that the customers were not acting in concert. It did not revisit that decision despite the fact that, just six days later, six of the customers sold approximately 4 million shares in one day .
The firm ignored the obvious coordination of efforts and possible control relationship, continuing to accept for deposit and then sell out the issuer’s shares for the group’s accounts. No additional investigation was conducted. It also never checked to be sure that the stock could properly be sold.
FINRA also found that the firm had failed to put in place a supervisory system and WSPs adequate for compliance in these instances, and failed to put in place and use an adequate AML program. It also failed to establish an adequate customer identification program (CIP) and failed in some instances to gather and check appropriate documentation about the customers. That resulted in customers being permitted to participate in suspicious activity without appropriate documents in the file.
In addition, the firm failed to provide customers with disclosures of the profits to the firm and a former trader of the firm, in situations where the trader bought exchange-traded securities.
http://www.thinkadvisor.com/2015/02/06/sec-fi...t-3-others
slowly but surely
4kids
(0)
(0)
