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Albany Investment Firm Agrees to Pay Tribe $3.4 Million Over Fraudulent Sale of Non-Traded REITs and BDCs

Albany Investment Firm Agrees to Pay Tribe $3.4 Million Over Fraudulent Sale of Non-Traded REITs and BDCs

March 22, 2017

Purshe Kaplan Sterling Investments (PKS) of Albany, New York, recently agreed to pay $3.4 million to a Native American tribe to resolve allegations that one of its brokers, Gopi Krishna Vungarala, took millions of dollars in undisclosed commissions on the tribe’s investments.
Vungarala...


SunTrust Might Face SEC Enforcement Actions Over Alleged Self-Serving Investment Recommendations

SunTrust Might Face SEC Enforcement Actions Over Alleged Self-Serving Investment Recommendations

March 13, 2017

The U.S. Securities and Exchange Commission is considering whether it will bring enforcement actions against Atlanta’s $205 billion-asset SunTrust Banks. SunTrust Investment Services, the bank’s broker-dealer arm, allegedly purchased pricey mutual funds on behalf of customers when more...


AML Regulators Target Capital One's Check Cashing Businesses

AML Regulators Target Capital One's Check Cashing Businesses

March 12, 2017

Check cashing businesses are a major focus of anti-money laundering rules and regulations. Investors recently learned that federal and New York prosecutors are currently investigating Capital One Financial Corp.’s anti-money laundering program and “certain check casher clients”...


Mexico in Crosshairs Of Precedent Setting 2016 FCPA Enforcement Actions

Mexico in Crosshairs Of Precedent Setting 2016 FCPA Enforcement Actions

February 6, 2017

It may come as no surprise that doing business in China holds a high risk of Foreign Corrupt Practices Act (FCPA) violations. However, the record-setting numbers of FCPA enforcement actions seen in 2016 placed Mexico in a close second.
With increases in multi-jurisdictional anti-corruption...


FINRA Fines Credit Suisse $16.5M for Anti-Money Laundering Program Failures

FINRA Fines Credit Suisse $16.5M for Anti-Money Laundering Program Failures

January 17, 2017

Credit Suisse Securities U.S.A. LLC has agreed to pay $16.5 million to resolve Financial Industry Regulatory Authority (FINRA) allegations that the firm violated anti-money laundering (AML) program regulations, supervision requirements and other policies, FINRA reported Monday.
Specifically,...


FINRA Enforcement Focus 2017: 6 Common Broker-Dealer AML Program Deficiencies

FINRA Enforcement Focus 2017: 6 Common Broker-Dealer AML Program Deficiencies

January 9, 2017

As the Financial Industry Regulatory Authority (FINRA) continues to crack down on broker-dealers with anti-money laundering program (AML)-related deficiencies, broker-dealers and AML compliance officers (AMLCOs) should take note of the most common AML program compliance deficiencies mentioned in...


Merrill Lynch Pays $7 Million Penalty for Inadequate Brokerage Account Supervision

Merrill Lynch Pays $7 Million Penalty for Inadequate Brokerage Account Supervision

November 30, 2016

The Financial Industry Regulatory Authority (FINRA) has fined Merrill Lynch, Pierce, Fenner & Smith Inc. $6.25 million for inadequately supervising its customers’ use of leverage in their Merrill brokerage accounts. The firm has also agreed to pay approximately $780,000 in restitution to...


FINRA Fines VALIC Financial Advisors $1.75M for Compensation Plan Conflicts of Interest

FINRA Fines VALIC Financial Advisors $1.75M for Compensation Plan Conflicts of Interest

November 28, 2016

VALIC Financial Advisors Inc. has agreed to pay $1.75 million to resolve Financial Industry Regulatory Authority (FINRA) allegations that the firm failed to implement reasonable systems to address and review conflicts of interest created by its compensation policy, FINRA reported Monday.
The...


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