Archive

SEC Focuses on BSA AML Enforcement, Utah’s Alpine Securities Charged with Systematic Violations

The U.S. Securities and Exchange Commission appears to be increasing its scrutiny of broker-dealers who fail to comply with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) reporting requirements. Traditionally this type of violations remained off the SEC’s radar, being usually pursued by the DOJ, FinCEN, the…
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FINRA Investigation Defenses, Process & Rule 8210 Realities

With the increase in FINRA enforcement activity in the last year, we hear daily from concerned RAs and other financial industry professionals – this post is intended to decode the basics of the process and offer some cautions to avoid pitfalls awaiting the unwary. 1. How can you…
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LPL’s Bonds Learns 3240 No Borrowing From Customers Lesson

FINRA’s Department of Enforcement recently made public a Letter of Acceptance, Waiver and Consent (AWC) by which former LPL broker Mark Tyler Bonds agreed to a one month suspension and a $5,000 fine to resolve allegations that he borrowed money from a customer of his firm, in violation…
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Barclays Reaches $97 Million Settlement with SEC

Barclays Capital has reached a $97 million settlement with the Securities and Exchange Commission to resolve allegations that its Wealth and Investment Management Americas (WIMA) unit overcharged clients by $50 million between 2010 and 2015. The SEC’s investigation determined that Barclays Capital, which sold its WIMA unit in…
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Albany Investment Firm Agrees to Pay Tribe $3.4 Million Over Fraudulent Sale of Non-Traded REITs and BDCs

Purshe Kaplan Sterling Investments (PKS) of Albany, New York, recently agreed to pay $3.4 million to a Native American tribe to resolve allegations that one of its brokers, Gopi Krishna Vungarala, took millions of dollars in undisclosed commissions on the tribe’s investments. Vungarala was not only a financial…
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FINRA Settles Complaint Over Undisclosed Tax Liens Over $1 MIllion

Kevin Richard Graetz, a former broker from New York, recently settled a FINRA complaint relating to his alleged failure to report $1 Million in tax liens over the course of seven years. FINRA requires registered personnel to disclose tax liens and any other unsatisfied judgments in their Form…
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