Broker/Dealer Admits It Failed To File SARs

March 29, 2018 by Securities and Exchange Commission Documents & Publications

Aegis Capital Corporation, a New York-based brokerage firm, has admitted that it failed to file Suspicious Activity Reports (SARs) on numerous suspicious transactions.

Broker-dealers are required to file SARs for certain transactions suspected to involve fraudulent activity or have no business or apparent lawful purpose. The SEC’s order found that Aegis failed to file SARs on suspicious transactions that raised red flags indicating the transactions were potentially related to the market manipulation of low-priced securities.

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Originally Posted at InsuranceNewsNet on March 28, 2018 by Securities and Exchange Commission Documents & Publications.