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SEC charges brokerage firm with AML failures

Joe Mont | June 12, 2017

The Securities and Exchange Commission has charged a Salt Lake City-based brokerage firm with securities law violations related to its alleged practice of clearing transactions for microcap stocks that were used in manipulative schemes to harm investors.

To help detect potential securities law and money laundering violations, broker-dealers are required to file Suspicious Activity Reports that describe suspicious transactions that take place through their firms. The SEC’s complaint alleges that Alpine Securities Corporation routinely and systematically failed to file SARs for stock transactions that it flagged as suspicious. 

When it did file SARs, the firm allegedly and frequently omitted information that formed the bases for Alpine knowing, suspecting, or having reason to suspect that a transaction was...

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