SEC-PR-2024-185

JCAP101.com - SEC-PR-2024-185SEC-PR-2024-185 (11-22-24)


SEC Charges Three Broker-Dealers with Filing Deficient Suspicious Activity Reports – Firms receive credit for cooperating with SEC’s investigations
Excerpt:

Washington D.C., Nov. 22, 2024 —  The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges that they filed with law enforcement suspicious activity reports (SARs) that failed to include important, required information. The three broker-dealers agreed to pay $275,000 combined in civil penalties to settle the SEC’s charges.

Federal law requires broker-dealers to file SARs to report transactions that the broker-dealer has reason to suspect involve, among other things, funds derived from illegal activity or activity that has no apparent lawful purpose. The SARs must contain “a clear, complete, and concise description of the activity, including what was unusual or irregular that caused suspicion.”

Agency:

SEC-PR-2411

Categories:

Suspicious Activity Reports

Source: 

https://www.sec.gov/newsroom/press-releases/2024-185


SEC-PR-2024-185 (11-22-24)