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
-
ArticleFalse Claims Act enforcement themes for 2026
The U.S. Department of Justice touted a record $6.8 billion in False Claims Act (FCA) recoveries in fiscal year 2025, much of that total stems from prior years’ cases and does not necessarily reflect the administration’s current enforcement direction.
-
ArticleFederal jury convicts former coal executive in Egypt-linked coal FCPA case
A former vice president of an American coal company was convicted by a federal jury for his part in an international bribery and money laundering scheme. The conviction represents an anomoly in the Trump administration’s handling of Foreign Corrupt Practices Act (FCPA) cases launched under former President Joe Biden.
-
ArticleU.K. financial regulator cuts cases to focus on investigations that achieve results
The U.K. financial regulator has dropped 100 investigations without action over the past three years, but compliance should expect a refocus of resources rather than a retreat from enforcement.