FINRA has fined Aegis Capital Corp. $550,000 for failing to have adequate supervisory and anti-money laundering programs tailored to detect “red flags” or suspicious activity connected to its sale of low-priced securities.
Susan Schroeder, FINRA’s Executive Vice President, Department of Enforcement, noted that “It’s critical that firms have effective AML systems in place so that they can comply with their obligations to review suspicious transactions, including those involving trading in low-priced securities. The AML and supervision rules are important components of investor protection and market integrity, and member firms must have reasonably designed systems to ensure these rules are effectively implemented.”
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