Calyon Securities Inc. nka Credit Agricole Securities (USA) Inc. (CRD #190, New York, New York) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $70,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it inaccurately computed its weekly reserve account formula resulting in an understatement of its customer credits for about one year. The findings stated that the firm classified a non-proprietary qualified security as a debit instead of a credit, and as a result, its Proprietary Accounts of Introducing Brokers (PAIB) reserve account understated customer credits by approximately $5 million for about a year. The findings stated that the firm failed to maintain sufficient excess debits for many weeks in its PAIB and failed to make required weekly deposits.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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