(Last Updated On: June 2, 2016)
According to its website, the Securities and Exchange Commission recently charged a Wall Street-based brokerage firm with failing to sufficiently evaluate or monitor customers’ trading for suspicious activity as required under the federal securities laws.
An SEC investigation reportedly found that Albert Fried & Company failed to file Suspicious Activity Reports (SARs) with bank regulators for more than five years despite red flags tied to its customers’ high-volume liquidations of low-priced securities.
Albrt Fried & Company agreed to pay a $300,000 penalty to settle the charges.
The SEC’s order allegedly found that Albert Fried & Company violated Section 17(a) of the Securities Exchange Act of 1934 and Rule 17a-8. Albert Fried & Company agreed to be censured and pay the $300,000 penalty without admitting or denying the findings in the order, which credits the firm for its cooperation and the remedial measures already undertaken.
The foregoing information, which is all publicly available on the Sec’s website, is being provided by The White Law Group.
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