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Weekly Roundup: SEC Charges Brokers with Failing to File SARs, Former Alavi President Sentenced, Canada’s FINTRAC Vows to Get Tougher and More
printThe U.S. Securities and Exchange Commission, which commanded headlines this week for its case against Goldman Sachs, began administrative proceedings against five brokers on Tuesday, accusing them of facilitating illegal penny stock sales to investors and failing to file suspicious activity reports as required under the Bank Secrecy Act. Three registered representatives and two supervisors at the now defunct Leeb Brokerage Services allowed customers to deposit shares of penny stocks into their accounts and then sell the unregistered stocks to others, according to the SEC. The five allowed these sales without investigating, as required by anti-money laundering regulations, whether they...
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