Elevation, LLC, a FINRA registered broker-dealer based in Charlotte, North Carolina, recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $10,000.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it commenced an options business, engaged in options transactions and designated an individual as its Registered Options Principal (ROP) until his resignation from the firm.
The findings also stated that the firm did not notify FINRA of his resignation but instead continued to engage in options business without registering a new ROP. Additionally, the findings stated that the firm failed to establish, maintain and enforce an adequate supervisory system for its options activities, including written procedures, reasonably designed to achieve compliance with application securities regulations, and to supervise options transactions in which it engaged. The findings also included that the firm failed to comply with multiple requirements of FINRA Rule 2360, the options rule, by failing to comply with its registration and customer agreement requirements.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
If you have questions about investments you made with Elevation, LLC, the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Boca Raton, Florida.
For more information on The White Law Group, please visit our website at http://www.whitesecuritieslaw.com.