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FINRA Fines Three Securities Firms for Poor Suspicious Activity Reporting
printThe largest non-governmental regulator of U.S. securities firms said Thursday that it had fined three companies over $1.25 million for failing to implement "reasonable" anti-money laundering compliance programs. The Financial Industry Regulatory Authority, known as FINRA, said that the brokers failed to find and report suspicious penny stock transactions, prompting the fines and the permanent barring of two broker employees. FINRA issued the penalties against Atlanta, Ga.-based J.P. Turner & Co, Maitland, Fla.-based Park Financial Group and Omaha, Neb.-based Legent Clearing LLC. The authority ousted Park Financial's former chief executive officer Gordon Charles Cantley and J.P. Turner equity trader John...
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