A former anti-money laundering ("AML") Compliance Officer for a broker-dealer agreed to pay $20,000 to settle charges of failing to file Suspicious Activity Reports ("SARs") on behalf of his employer.
As previously covered, a former compliance officer for Aegis Capital Corporation ("Aegis") allegedly ignored hundreds of potentially fraudulent transactions despite alerts from Aegis' clearing firm regarding suspicious activity. According to the SEC, the suspicious activity included high trading volume in companies with minimal business activity.
The former compliance officer agreed to the settlement without admitting or denying the SEC findings.
In March 2018, Aegis reached agreements with the SEC and FINRA to settle related charges.
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