August 13, 2019
Posted August 13, 2019
The SEC has charged and fined a New York broker-dealer, Canaccord Genuity LLC, of enabling over-the-counter (OTC) securities to be traded without adequate review required by the Exchange Act Rule 15c2-11. Despite playing a critical gatekeeping role of protecting investors from fraud, Canaccord delegated the requisite review to a compliance associate who lacked necessary experience and training. Canaccord has consented to the SEC’s cease and desist order, revised internal policies and procedures, and agreed to pay a $250,000 penalty. SEC
Tagged in: Financial and Investment Fraud,