Brokerages, Exec Fined $7.2M For Lax AML Reporting
By Hayley Fowler (May 16, 2018, 3:55 PM EDT) -- Wall Street regulators levied more than $7 million in civil penalties and fines on Wednesday against two brokerage firms and a compliance officer accused of facilitating the sale of billions of suspicious penny stock trades without flagging authorities in violation of anti-money laundering reporting requirements.
The U.S. Securities and Exchange Commission filed administrative proceedings against Chardan Capital Markets LLC, its former chief compliance officer Jerard Basmagy, and Industrial and Commercial Bank of China Financial Services LLC for allegedly failing to file suspicious activity reports while executing trades on penny stocks that turned out to be fraudulent. The Financial Industry Regulatory Authority...
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