SEC fines registered rep for causing firm’s SARs filing lapses
By 
Jeff Dale2023-09-18T20:32:00
A registered representative at an unnamed brokerage firm will pay $20,000 to settle charges by the Securities and Exchange Commission (SEC) that he failed to notify the firm’s anti-money laundering (AML) department of apparent suspicious transactions linked to an acquisition announcement.
Pierre Economacos agreed to cease and desist from further violations in reaching settlement, the SEC announced in an administrative proceeding Monday. He neither admitted nor denied the agency’s findings.
Two Republican commissioners dissented in the case, arguing the alleged suspicious activity Economacos failed to report was repayment of a loan.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefSEC fines OTC Link $1.2M over allegedly failing to file SARs
New York-based broker-dealer OTC Link will pay a $1.2 million fine to settle charges levied by the Securities and Exchange Commission over allegedly failing to implement a system to monitor and report potential suspicious activities on its platforms.
-
News BriefMaxim Group fined $800K by SEC over SARs filing lapses
New York-based broker-dealer Maxim Group agreed to pay an $800,000 fine in settling with the Securities and Exchange Commission regarding the firm’s alleged failures to file required suspicious activity reports and properly execute certain short sales.
-
News BriefSEC obtains judgment against J.H. Darbie in SARs reporting case
New York-based brokerage firm J.H. Darbie & Co. consented to pay a $125,000 penalty to resolve charges levied by the Securities and Exchange Commission that the firm failed to report suspicious activity regarding penny stock transactions.
More from Regulatory Enforcement
-
ArticleBoA settles class-action related to its dealings with Jeffrey Epstein
Bank of America has agreed to settle a class-action lawsuit alleging know-your-customer and other failings in its dealings with convicted sex offender Jeffrey Epstein.
-
News BriefSEC’s Uyeda: ‘Enforcement is the wrong way’ to handle off-channel communications
The U.S. Securities and Exchange Commission’s Mark Uyeda told an audience of investment advisers that the SEC will no longer prioritize stand-alone enforcement actions for violations of the SEC’s rules on off-channel communications.
-
News BriefAdobe agrees to $150M settlement over alleged cancellation fee violations
Adobe agreed to a $150 million settlement with the U.S. Department of Justice over accusations that it concealed software termination fees and made it difficult for customers to cancel.