Broker Ordered To Pay $12M Over Sloppy SEC Reporting

Law360 (September 13, 2019, 9:01 PM EDT) -- A Utah penny stock broker that repeatedly failed to file timely and detailed reports of suspicious transactions to regulators must pay a $12 million penalty, about half the sum sought by the U.S. Securities and Exchange Commission in the bitterly fought case, a New York federal judge has ruled.

U.S. District Judge Denise Cote found Thursday that the fine was appropriate given Alpine Securities Corp.’s size and revenues but also sufficiently punitive in light of the firm’s repeat offenses and inability to clean up its act after being warned that its policies for filing Suspicious Activity Reports, or SARs, were “woefully...

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