SEC Charges Firm with Anti-Money Laundering Violations for Failing to file SARs
On Wednesday, the SEC charged a Wall Street brokerage firm with “failing to sufficiently evaluate or monitor customers’ trading for suspicious activity". The brokerage firm failed to file Suspicious Activity Reports (SARs).
According to the SEC’s press release, “While the SEC has charged other firms with anti-money laundering failures … this is the first case against a firm solely for failing to file SARs”.
The press release quotes the Director of the SEC’s Division of Enforcement: “Brokerage firms must take their anti-money laundering responsibilities seriously so they can serve as a line of defense against misconduct and market risks.”
For potential SEC whistleblowers wondering what kinds of things they can report to the SEC, this recent case shows that the SEC is interested in anti-money laundering violations like failing to file SARs when required. Other types of cases that the SEC investigates include:
- Accounting frauds
- Books and Records violations
- Financial Statement frauds
- Initial Public Offering frauds (IPOs)
- FCPA violations (bribery or improper payments made to foreign officials)
- Deceptive practices in buying or selling stocks
- Municipal Securities frauds
- and more
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About the Pickholz Law Offices LLC
The Pickholz Law Offices LLC is a law firm that focuses on representing clients involved with investigations conducted by the U.S. Securities and Exchange Commission, FINRA, and other securities regulators.
The Pickholz Law Offices has represented employees, officers, and others in SEC whistleblower cases involving financial institutions and public companies listed in the Fortune Top 10, Top 20, Top 50, Top 100, Top 500, and the Forbes Global 2000. We were the first law firm ever to win an SEC whistleblower award for a client on appeal to the full Commission in Washington. Inside Counsel magazine named this achievement one of the five key events of the SEC whistleblower program. Examples of the Firm’s SEC whistleblower cases are available here.
In addition to representing SEC whistleblowers, since 1995 the Firm’s founder, Jason R. Pickholz, has also represented many clients in securities enforcement investigations conducted by the SEC, FINRA, the U.S. Department of Justice and US Attorney’s Offices, State authorities, and more. Examples of some of the many securities enforcement cases that Mr. Pickholz has been involved with are available here.
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How to Contact the Pickholz Law Offices LLC
If you would like to speak with a securities lawyer or SEC whistleblower attorney, please feel free to call Jason R. Pickholz at 347-746-1222.
The Pickholz Law Offices remains open and will be fully operational through teleworking while we all grapple with this terrible pandemic. We hope that all of our clients, colleagues, friends, and their families remain safe and healthy. Our thoughts and prayers go out to everyone who has been affected by COVID-19.