Tag Archives: Suspicious Activity Reports

SEC Settles Charges Against Brokerage Firms For Failing To Report Suspicious Sales Of Penny Stocks

Last week, the Securities and Exchange Commission announced settled charges against broker-dealers Chardan Capital Markets LLC and Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) for failing to report suspicious sales of billions of penny stock shares. Broker-dealers are required to file Suspicious Activity Reports (SARs) for transactions suspected to involve fraud or with no apparent lawful purpose.

Read more