A broker-dealer settled SEC charges for publishing quotes in OTC securities without conducting adequate reviews to determine the accuracy of prospectus and other information about the issuers, as required by SEA Rule 15c2-11 ("Initiation or Resumption of Quotations without Specific Information"). According to the SEC Order, the firm delegated reviews of issuer information to a compliance associate who lacked the expertise to review financial statements and other relevant information.
To settle the charges, Canaccord Genuity LLC agreed (i) to a censure and (ii) to pay a civil money penalty in the amount of $250,000.
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