The Financial Industry Regulatory Authority issued a $75,000 fine against a Boston-based securities firm that failed to comply with its own anti-money laundering policies, enabling one of its brokers to bring in questionable business through dubious penny-stock sales practices. In a 21-page decision released Wednesday, the industry regulator claimed that Arthur W. Wood Company, also known as "Wood," failed to test its AML models adequately and disregarded numerous red flags indicating that Edwin Quinones, a broker who joined the firm in 2008, was charging customers "excessive commissions." Quinones had already been discharged by a previous employer and had two customer...
U.S. officials are "actively and aggressively" pursuing an emerging securities scam involving unregulated and illicit trading of options, an FBI agent told ACAMS moneylaundering.com.
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