Securities America, Inc. (CRD #10205, La Vista, Nebraska) submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $100,000, and required to conduct a comprehensive review of its systems for the review of email to ensure that those systems are reasonably designed to achieve compliance with NASD and FINRA rules, and with applicable federal securities laws and rules, and have been adequately revised to address and correct deficiencies.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to have a supervisory system, including written procedures, in place regarding electronic communications with customers that was reasonably designed to achieve compliance with applicable federal securities laws and regulations, and with applicable FINRA and NASD rules. The findings stated that the firm’s email monitoring system did not identify numerous emails sent to customers by registered representatives working in a branch office that contained misrepresentations or misleading statements relating to private placements. Because the firm’s email monitoring system did not identify these emails, the emails were not reviewed by anyone at the firm, including supervisory personnel, to determine whether the emails contained statements that were inconsistent with applicable requirements.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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