Three Brokerage Firms Are Sanctioned by FINRA for Inadequate Anti-Money Laundering Programs

Block & Landsman by Block & Landsman

In May 2013, the Financial Industry Regulatory Authority (FINRA) fined three brokerage firms a total of $900,000 for failing to maintain proper anti-money laundering (AML) programs designed to detect suspicious financial transactions.  The firms are Atlas One Financial Group in Miami, Florida, Firstrade Securities in Flushing, New York, and World Trade Financial in San Diego California. AML requirements are important tools to protect investors against a wide range of illicit activities.  According to FINRA, Atlas One repeatedly failed, ove...Read More

SEC & FINRA Warn Investors on Income Stream Products

Block & Landsman by Block & Landsman

The Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) issued an investor alert concerning the risks involved when selling the rights to an income stream or investing in someone else’s income stream.  Investor alerts are statements issued by the SEC and FINRA seeking to raise public awareness about suspicious activities in the securities markets.  This particular investor alert can be viewed here. Lori J. Schock, Director of the SEC’s office of Investor Education and Advocacy, ...Read More