FINRA Fines Cetera $1M For Lapses Spotted First By SEC

Law360 (December 16, 2020, 10:43 PM EST) -- The Financial Industry Regulatory Authority has fined a California-based broker-dealer and two of its affiliates $1 million for alleged shortfalls in supervising certain customer representatives, issues that had been flagged by the U.S. Securities and Exchange Commission.

Cetera Advisor Networks LLC — along with Denver-based Cetera Advisors LLC and Illinois-based Cetera Financial Specialists LLC — failed to supervise dually-registered representatives, or DRRs, working on their behalf to execute private securities transactions through outside investment advisers, despite several SEC examinations that had revealed those issues, Tuesday's order states.

The alleged supervisory violations occurred between January 2011 through December 2018, during which the...

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