First Financial Equity Corporation Fined by FINRA
An AWC was issued in which the firm was censured and fined $200,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to file amended Uniform Application for Securities Industry Registration or Transfer forms (Form U4s) for 20 of its registered representatives to disclose 71 outstanding liens, outstanding judgments, bankruptcies and creditor compromises in a timely fashion or, in some cases, at all. The findings stated that the firm failed to establish and maintain a system and failed to establish, maintain and enforce written procedures that were reasonably designed to achieve compliance with FINRA’s requirement to timely file Form U4 amendments to reflect reportable financial events.
