National Securities Corporation (CRD No. 7569, Boca Raton, Florida) Censured and Fined $125,000
According to the Financial Industry Regulatory Authority (FINRA) on October 27, the regulator reportedly censured and fined broker-dealer National Securities Corporation $125,000 in connection with sales practices violations and supervisory issues.
FINRA allegedly found that between May 2015 and November 2018, National Securities reportedly filed four late Form U4 amendments, filed eight late Form U5 amendments, and failed to file five Form U4 amendments.
During this period, the firm also purportedly failed to report or reported late statistical and summary information for 19 written customer complaints, reported late a $30,000 settlement of a customer’s claim against one of its associated persons for sales practice violations, and submitted 34 inaccurate or incomplete filings required by FINRA.
Further, National Securities Corporation also allegedly failed to enforce its written supervisory procedures designed to achieve compliance with reporting requirements for Form U4 and U5 amendments and FINRA Rule 4530 filings.
In addition, from July 2015 through March 2017, the firm reportedly failed to establish, maintain, and enforce written supervisory procedures reasonably designed to achieve compliance regarding contingency offerings. During this period, National Securities participated as a placement agent in more than 20 contingency offerings.
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