South Florida AML Red Flag FINRA Enforcement Defense Attorney:
The Financial Industry Regulatory Authority, Inc. (FINRA) is a self-regulatory authority assigned the responsibility, by the Securities and Exchange Commission, to license, regulate and discipline securities broker/dealers and their employees, including account executives. In the event that FINRA elects to institute an enforcement action, firms and licensed individuals have the responsibility to reflect such action on their U-4 and/or U-5 filings, which can be viewed on the FINRA website under the broker-check section of the site or by viewing the monthly disciplinary information also provided on the FINRA site.
The monthly disciplinary information is referenced on the FINRA site generally in alphabetical order. This post relates to the following company or individuals. If the reader would like to review the entire FINRA release or the broker-check information concerning this matter, you can follow these highlighted links:
July 2014 Disciplinary and Other FINRA Actions:
Capital Path Securities, LLC and William John Davis submitted an Offer of Settlement in which the firm was censured and fined $175,000 of which $25,000 is joint and several with Davis. Davis was suspended from association with any FINRA member in any principal capacity for three months. Without admitting or denying the allegations, the firm and Davis consented to the sanctions and to the entry of findings that it, acting through Davis, its AML compliance officer and president, demonstrated an ongoing pattern of noncompliance with AML rules. The findings stated that the firm and Davis failed to enforce its written AML program to ensure compliance with the Bank Secrecy Act. Davis failed to identify multiple transactions in customer accounts, which triggered many of the “red flags” identified in the firm’s AML procedures. Among other things, these customers maintained multiple accounts, had securities-related disciplinary histories, engaged in suspicious penny stock trades and conducted qustionable third-party wire activity. To see a full copy of the release relative to this matter, please follow the above highlighted link. FINRA Case No. 2011025869201.
With extensive courtroom, arbitration and mediation experience and an in-depth understanding of elder abuse, exploitation and securities law, our firm provides all of our clients with the personal service they deserve. Handling cases worth $25,000 or more, we represent clients throughout Florida and across the United States, as well as for foreign individuals that invested in U.S. banks or brokerage firms. Contact us to arrange your free initial consultation.
At the Fort Lauderdale Law Office of Russell L. Forkey, we represent clients throughout South and Central Florida, including Fort Lauderdale, West Palm Beach, Boca Raton, Sunrise, Plantation, Coral Springs, Deerfield Beach, Pompano Beach, Delray, Boynton Beach, Hollywood, Lake Worth, Royal Palm Beach, Manalapan, Jupiter, Gulf Stream, Wellington, Fort Pierce, Stuart, Palm City, Jupiter, Miami, Orlando, Maitland, Winter Park, Altamonte Springs, Lake Mary, Heathrow, Melbourne, Palm Bay, Cocoa Beach, Vero Beach, Daytona Beach, Deland, New Smyrna Beach, Ormand Beach, Broward County, Palm Beach County, Dade County, Orange County, Seminole County, Martin County, Brevard County, Indian River County, Volusia County and Monroe County, Florida. The law office of Russell L. Forkey also represents South American, Canadian and other foreign residents that do business with U.S. financial institutions, investment advisors, brokerage and precious metal firms.