Category: Fined

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Fined: Kalos Capital, Inc. Fined by FINRA

Fined

Kalos Capital, Inc. Fined by FINRA

A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured, fined $30,000 and ordered to pay $86,614, plus interest, in restitution to customers. Kubiak was fined $5,000 and suspended from association with any FINRA® member in all capacities for three months. Without admitting or denying the findings, the firm and Kubiak consented to the sanctions and to the entry of findings that Kubiak recommended the purchase of leveraged and inverse exchange traded funds (LIETFs) to customers without having a sufficient understanding of the risks and features associated with the LIETFs.

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Fined: Innovation Partners LLC Fined by FINRA

Fined

Innovation Partners LLC Fined by FINRA

An Offer of Settlement was issued in which the firm was censured, fined $60,000 and required to certify that it has reviewed and revised, as necessary, its systems, policies, and procedures regarding preventing unregistered persons from acting in a capacity that requires registration and statutorily disqualified individuals from associating with the firm and that the firm’s systems, policies and procedures are reasonably designed to achieve compliance with the applicable FINRA rules.

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Fined: Windsor Street Capital, LP fka Meyers Associates, L.P. Fined by FINRA

Fined

Windsor Street Capital, LP fka Meyers Associates, L.P. Fined by FINRA

23 August 2019

A Securities and Exchange Commission (SEC) decision became final in which the firm was fined $500,000. The SEC affirmed the findings and modified the sanctions following an appeal of a National Adjudicatory Council (NAC) decision. The SEC set aside the requirement ordered by the NAC that the firm hire an independent consultant because it has ceased its broker-dealer business.

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Fined: Van Clemens & Co. Incorporated fined by FINRA

Fined

Van Clemens & Co. Incorporated fined by FINRA

19 August 2019

An AWC was issued in which the firm was censured, fined $50,000 and ordered to certify to FINRA that it has established and implemented policies, procedures and internal controls reasonably designed to address and remediate the issues identified in the AWC. A lower fine was imposed after considering, among other things, the firm’s revenue and financial resources.

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Fined: Summit Brokerage Services, Inc. Fined by FINRA

Fined

Summit Brokerage Services, Inc. Fined by FINRA

15 August 2019

An AWC was issued in which the firm was censured and fined $40,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to enforce its WSPs for review of its registered representatives’ incoming and outgoing hard copy (non-electronic) correspondence relating to their securities business.

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Fined: Lime Brokerage LLC Fined by FINRA

Fined

Lime Brokerage LLC Fined by FINRA

15 August 2019

An AWC was issued in which the firm was censured, fined $625,000, of which $38,500 is payable to FINRA and the remaining will be paid to other various selfregulatory organizations, and is required to provide a written report to FINRA concerning reasonable controls, procedures and other measures taken by it to remediate the violative conduct regarding its supervision of direct market access customer activity with respect to potential manipulative trading by its customers.

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Fined: Seven Points Capital, LLC Fined by FINRA

Fined

Seven Points Capital, LLC Fined by FINRA

An AWC was issued in which the firm was censured and fined $20,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it permitted proprietary traders to engage in equity trading when these associated persons were not properly qualified and did not maintain the appropriate registrations with FINRA.

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Fined: Dinosaur Financial Group, L.L.C Fined by FINRA

Fined

Dinosaur Financial Group, L.L.C Fined by FINRA

An AWC was issued in which the firm was censured, fined $200,000 and required to review and revise its systems and procedures (written and otherwise) regarding the supervision of its Trade Reporting and Compliance Engine (TRACE®) and Municipal Securities Rulemaking Board (MSRB) trade reporting to ensure that its systems and procedures are reasonably designed to achieve compliance with all securities laws, regulations and FINRA rules. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report, timely report and/or correctly report TRACE-eligible securities transactions.

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Fined: Dawson James Securities, Inc. Fined by FINRA

Fined

Dawson James Securities, Inc. Fined by FINRA

A Letter of Acceptance, Waiver and Consent (AWC) was issued in which the firm was censured and fined $20,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that its registered representatives called telephone numbers that appeared on the national do-not-call list. The findings stated that the firm required its representatives to use a network that blocked calls to telephone numbers that appeared on the national do-not-call list and the firm’s do-not-call list.

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Fined: Merrimac Corporate Securities, Inc. Fined by FINRA

Fined

Merrimac Corporate Securities, Inc. Fined by FINRA

17 July 2019

The Securities and Exchange Commission (SEC) issued a
decision in which the firm was suspended from FINRA® membership in all
capacities for 30 business days, suspended from receiving and liquidating
penny stocks for one year, fined $225,000 and required to retain an expert
to evaluate and approve its written supervisory procedures (WSPs).

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Fined: Western International Securities, Inc. Fined by FINRA

Fined

Western International Securities, Inc. Fined by FINRA

16 July 2019

An AWC was issued in which the firm was censured, fined $75,000 and required to provide remediation to eligible customers who qualified for, but did not receive, the applicable mutual fund sales charge waivers. As part of this settlement, the firm agrees to pay restitution to eligible customers, which is estimated to total $375,000 (i.e., the amount eligible customers were overcharged, inclusive of interest).

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Fined: BNP Paribas Securities Corp. Fined by FINRA

Fined

BNP Paribas Securities Corp. Fined by FINRA

11 July 2019

An AWC was issued in which the firm was censured and fined $100,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to report and failed to timely report to the FINRA/Nasdaq Trade Reporting Facility® (FNTRF) transactions effected pursuant to the exercise of an overthe-counter (OTC) option that required a special trade report modifier.

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Fined: Clearpool Execution Services, LLC Fined by FINRA

Fined

Clearpool Execution Services, LLC Fined by FINRA

10 July 2019

An AWC was issued in which the firm was censured and fined $473,000, of which $43,000 is payable to FINRA. The remaining balance is to be paid to other selfregulatory organizations in related matters. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish and maintain a system that was reasonably designed to achieve compliance with applicable securities laws and regulations, and applicable FINRA rules.

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Fined: Aegis Capital Corp. Fined by FINRA

Fined

Aegis Capital Corp. Fined by FINRA

10 July 2019

An AWC was issued in which the firm was censured and fined $93,125. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that while participating in public offerings that were subject to FINRA Rule 5110, it failed to file certain documents specified in FINRA Rule 5110(b)(5) with FINRA after it had filed such documents with the SEC. The findings stated that to date, these documents have not been filed with FINRA.

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Fined: Traderfield Securities Inc. Fined by FINRA

Fined

Traderfield Securities Inc. Fined by FINRA

9 July 2019

An AWC was issued in which the firm was fined $5,000. Without admitting or denying the findings, the firm consented to the sanction and to the entry of findings that it failed to have a system of supervisory control procedures that tested and verified that its supervisory procedures were reasonably designed to achieve compliance with applicable securities laws and regulations and FINRA rules.

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