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SEC Files First Patriot Act Claim Against Broker

Law360 (April 12, 2007, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has filed its first case against a broker for failing to report suspicious stock activity as mandated by the USA Patriot Act.

The SEC accused Florida-based Park Financial Group Inc. and its principal Gordon Cantley of failing to report suspicious transactions involving a pump-and-dump scheme involving tool maker Spear & Jackson Inc.’s securities between February 2002 and July 2003. The SEC accused Park Financial and Cantley of aiding and abetting the scheme.

The Commission began proceedings Wednesday against Park Financial...
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