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Cady Bar the Door Insight & Commentary on SEC Enforcement Actions and Related Issues

Monthly Archives: August 2012

FINRA Expels Biremis Corp. for Anti-Money Laundering Abuses

Posted in Broker-Dealers, FINRA, Non-scienter-based Violations

On July 30th, FINRA expelled broker-dealer Biremis Corporation and permanently barred Biremis’s CEO, Peter Beck, from association with any FINRA member firm in any capacity.  FINRA found Biremis and Beck liable for a host of violations.  FINRA alleged that among other things, Biremis failed to implement an adequate anti-money laundering (“AML”) program, failed to maintain… Continue Reading

Breaking: Study Confirms What I Think

Posted in SEC Litigation, SEC Structure

In the wake of the 2008 financial crisis and the Bernard Madoff scandal, there was no shortage of commentators suggesting that the SEC’s “revolving door” had contributed to both situations.  The idea was that SEC staff had gone soft on major players in the financial industry with the hope that lucrative employment by those players… Continue Reading

3½ Thoughts about the Consolidated Audit Trail

Posted in Broker-Dealers, FINRA, Insider Trading, SEC Structure

On July 11th, the SEC adopted Rule 613, a rule that requires national securities exchanges and FINRA “to jointly submit a comprehensive plan detailing how they would develop, implement, and maintain a consolidated audit trail that must collect and accurately identify every order, cancellation, modification, and trade execution for all exchange-listed equities and equity options… Continue Reading