Tag Archives: BD

FINRA Fine Lek Securities AML

On Aug. 15, FINRA fined Lek Securities Corporation for AML. On Jun. 1, an SEC order became final and Lek Securities Corporation was fined $100,000, sustaining the NAC's findings and sanctions imposed. Alleged Violations Such sanctions were based on Lek's failure to establish effective AML policies, procedures, controls to adequately report suspicious transactions. Such failure…
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SEC Fine Broker AML Reports

On Aug. 8, 2018, SEC issued no-action relief under S.206(4) and Rule 206(4)-3). Allows investment adviser to pay Schwab cash for solicitation of advisory clients. SEC enforcement would otherwise stop IAs making payment directly or indirectly. Background: On Jul. 9, SEC fined Schwab for not reporting IA suspicious trades. Charles Schwab settled charges it failed…
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