SEC fines broker-dealer $1.5M for SARs filing failures
Kyle Brasseur, 12 May 2021
A Colorado-based broker-dealer will pay $1.5 million as part of a settlement with the Securities and Exchange Commission (SEC) announced Wednesday for lapses in the filing of suspicious activity reports (SARs) related to the threat of cyber-breaches.
GWFS Equities, an affiliate of Great-West Life & Annuity Insurance Company, provides services to employer-sponsored retirement plans. The company was allegedly the victim of multiple attempts by bad actors to access the retirement accounts of individual plan participants. GWFS failed to file approximately 130 SARs related to these incidents as required, according to the SEC. Continue reading “Article: SEC fines broker-dealer $1.5M for SARs filing failures”