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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2024-08-13T16:06:00
New York-based broker-dealer OTC Link will pay a $1.2 million fine to settle charges levied by the Securities and Exchange Commission (SEC) over allegedly failing to implement a system to monitor and report potential suspicious activities on its platforms.
The company, which operates three alternative trading system platforms, failed to file even one suspicious activity report (SAR) with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) over a three-year period, despite executing thousands of transactions each day in high-risk over-the-counter (OTC) securities, the SEC said Monday in a press release. OTC Link also agreed to a cease-and-desist order and a censure.
OTC securities, which include microcap and penny stock securities, are deemed to be higher risk “because they typically have no minimum listing standards, lack liquidity, and have high volatility, and because there is often a lack of public information available about these securities,” the SEC said in its order.
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2023-09-18T20:32:00Z By Jeff Dale
A registered representative at an unnamed brokerage firm will pay $20,000 to settle charges by the Securities and Exchange Commission that he failed to notify the firm’s anti-money laundering department of apparent suspicious transactions.
2023-08-29T18:23:00Z By Kyle Brasseur
Archipelago Trading Services agreed to pay a $1.5 million penalty as part of a settlement with the Securities and Exchange Commission for allegedly failing to file nearly 500 suspicious activity reports largely related to microcap or penny stock securities transactions.
2023-03-06T20:16:00Z By Jeff Dale
Cambria Capital agreed to pay $100,000, hire an independent anti-money laundering consultant, and be censured for failing to file suspicious activity reports on certain transactions over a two-year period, according to the Securities and Exchange Commission.
2024-08-13T21:00:00Z By Adrianne Appel
Women’s apparel importer Alexis agreed to pay nearly $7.7 million to settle allegations, first raised by a whistleblower, that it intentionally underpaid customs duties, according to the Department of Justice.
2024-08-13T20:35:00Z By Neil Hodge
The U.K. Information Commissioner’s Office proposed a 6.1 million pound (U.S. $7.8 million) fine against Advanced Computer Software Group, an IT contractor for the National Health Service that allegedly failed to secure the data of 83,000 people after a cyberattack.
2024-08-12T20:19:00Z By Adrianne Appel
Ideanomics, two former execs, and its current chief executive agreed to pay about $5 million and hire an independent compliance professional to settle allegations made by the Securities and Exchange Commission (SEC) that the company misled the public about its performance.
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