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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,