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Brokerage Firm Fights 'Draconian' SEC Bid For $23M Penalty

Law360 (June 11, 2019, 3:29 PM EDT) -- Alpine Securities Corp. on Monday fiercely challenged a bid by the U.S. Securities and Exchange Commission to secure a $22.7 million penalty against it for improperly filed suspicious activity reports, telling a New York federal court that the SEC was unfairly "seeking a corporate death penalty."

Following a summary judgment ruling in late April that found the brokerage firm liable for 2,720 financial recordkeeping violations for failing to report suspicious activity, the SEC chose to pursue what Alpine called "arbitrary and astonishing" civil monetary penalties of $22,736,000 rather than continue to trial on hundreds of remaining SARs violations claims.

The brokerage...

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New York Southern

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Securities/Commodities

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June 5, 2017

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