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The SEC settled charges against broker-dealers Chardan Capital Markets and Industrial and Commercial Bank of China Financial Services (ICBCFS) for failing to report suspicious sales...
The SEC settled charges against broker-dealers Chardan Capital
Markets and Industrial and Commercial Bank of China Financial
Services (ICBCFS) for failing to report suspicious sales of
billions of penny stock shares. According to the SEC, from October
2013 to June 2014, Chardan liquidated more than 12.5 billion penny
stock shares for seven of its customers and ICBCFS cleared the
transactions, while Chardan failed to file any suspicious activity
reports (SARs), even though the transactions raised red flags. The
SEC found that ICBCFS similarly failed to file any SARs for the
transactions, despite ultimately prohibiting trading in penny
stocks by some of the seven customers.
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