Formers securities representative barred for allegedly refusing to appear for on-the-record testimony
FINRA Rule 2010
FINRA Rule 8210
MarketAxess censured and fined for alleged inaccurate transaction reporting
Due to a technological error the firm reported approximately 53,000 transaction to Trade Reporting and Compliance Engine (TRACE) with inaccurate execution times.
The firm also made inaccurate and untimely reports of municipal transactions to Real-time Transaction Reporting System (RTRS).
The firm’s supervisory system did not include reasonable reviews to ensure that accurate execution times were reported to TRACE and RTRS.
FINRA Rule 2010
FINRA Rule 2110
FINRA Rule 3010
FINRA Rule 3110
FINRA Rule 6730
MSRB Rule G-14
MSRB Rule G-27
NASD Rule 6230
RTRS
TRACE
Young America Capital censured and fined for alleged AML program shortcomings
The firm’s WSPs indicated that it had “no obligation to monitor for or report suspicious activity because it does not hold retail brokerage accounts.” FinCEN rules require broker-dealers to report conducted or attempted suspicious transactions regardless of whether retail brokerage accounts are held by the firm.
The firm’s WSPS also failed to provide any guidance on how to:
- detect or monitor for suspicious transactions;
- conduct or document a review of an identified red flag.
Following the receipt of a FINRA examination exception, as well as an annual independent test of its AML program, the firm revised some of its procedures and WSPs. The revisions did not lead to the firm implementing red flags specifically tailored to its business model.
The firm also failed to provide staff AML training that was tailored to its specific business model.
31 CFR 1023.320
31 USC 5318
FINRA Rule 2010
FINRA Rule 3310
FINRA Regulatory Notice 19-18
NASD NTM 02-21
Securities representative suspended and fined for allegedly engaging in an outside business activity without notice or authorization from his firm
FINRA Rule 2010
FINRA Rule 3270
Former securities representative barred for allegedly cheating on an exam
FINRA Rule 2010
Former products representative barred for allegedly refusing to provide documents and information
FINRA Rule 2010
FINRA Rule 8210
Former products representative barred for allegedly failing to provide documents and information
FINRA Rule 2010
FINRA Rule 8210
Tifin Private Markets censured and fined for allegedly failing to maintain adequate net capital
The firm did not accrue expenses for data services obtained from a vendor and, as a result, understated its liabilities during the period in question. This, in turn, resulted in a net capital deficiency.
Because of these issues the firm failed to accurately maintain its books and records and also filed five inaccurate FOCUS reports.
FINRA Rule 2010
FINRA Rule 4511
SEA 1934 Rule 17a-3
SEA 1934 Rule 17a-5
FOCUS
| Unless otherwise noted all respondents accepted and consented to FINRA’s findings without admitting or denying them. |
