Broker Dealer Archives

SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures

Jack J. Kelly Broker Dealer, Recordkeeping, SEC, Securities and Exchange Commission August 11, 2023

The Securities and Exchange Commission today announced charges against 10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted ...Read More

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Merrill Lynch to Pay $12 Million for Failing to File Hundreds of Suspicious Activity Reports

Jack J. Kelly Anti-Money Laundering, Broker Dealer, FinCEN, FINRA July 14, 2023

Broker-dealer Merrill Lynch has agreed to pay a total of $12 million in fines to regulators for failing to file about 1,500 suspicious activity reports over more than a decade. Under U.S. anti-money-laundering rules, broker-dealers like Merrill Lynch are required to file suspicious activity reports to ...Read More

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CoinEx crypto exchange sued by New York for failing to register with state

Jack J. Kelly Broker Dealer, Commodities, Cryptocurrency, Lawsuit, Securities March 2, 2023

Cryptocurrency exchange CoinEx has been sued by New York Attorney General Letitia James, who alleges the firm falsely represented itself as an exchange by failing to register as a securities and commodities broker-dealer in the state. A 38-page petition filed by James in the New York ...Read More

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SEC Directs Examiners to Focus on How US Broker-Dealers Are Pitching Crypto

Jack J. Kelly Broker Dealer, Cryptocurrency, Digital Assets, Investment Advisers, SEC, Securities and Exchange Commission February 13, 2023

U.S. broker-dealers and investment advisers that deal in crypto will get extra scrutiny from Securities and Exchange Commission examiners this year, according to the agency’s annual examination priorities announced Tuesday. The SEC-registered investment firms offering or advising about cryptocurrencies will be a focus. The regulator will ...Read More

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Finra smacks Raymond James with $1.15 million penalty over compliance shortcomings

Jack J. Kelly Broker Dealer, FINRA, Scheme, Settlement October 24, 2022

The Financial Industry Regulatory Authority Inc. said Thursday it had reached a settlement with two broker-dealers under the roof of Raymond James Financial Inc. for a variety of compliance failures, including missing red flags when overcharging clients. The two Raymond James firms agreed to Finra’s settlement ...Read More

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Beware of Messaging App Crackdown on Wall Street

Jack J. Kelly Audit, Broker Dealer, CFTC, Commodity Futures Trading Commission, Futures, SEC, Securities and Exchange Commission, Supervisory, Swaps, Wall Street October 5, 2022

On Sept. 27 the Securities and Exchange Commission and the Commodity Futures Trading Commission collectively announced a combined $1.8 billion in fines against more than two dozen Wall Street firms for failing to maintain and preserve electronic communications. The charges stem from record-keeping failures and use of unapproved communication methods, ...Read More

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