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.
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!