SEC, FINRA fine broker and Chinese clearing bank $7.2 million for suspicious penny stock sales


The Securities and Exchange Commission settled charges on Wednesday against broker-dealers Chardan Capital Markets LLC and Industrial and Commercial Bank of China Financial Services LLC for failing to file Suspicious Activity Reports or SARs for sales of ‘

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The Securities and Exchange Commission settled charges on Wednesday against broker-dealers Chardan Capital Markets LLC and Industrial and Commercial Bank of China Financial Services LLC for failing to file Suspicious Activity Reports or SARs for sales of billions of penny stock shares. Without admitting or denying the SEC’s findings, Chardan agreed to pay a $1 million penalty, ICBCFS to pay $860,000, and Chardan’s anti-money laundering officer Jerard Basmagy, who the SEC alleged aided and abetted the violations, will pay $15,000. Basmagy also agreed to industry and penny stock bars for a minimum of three years

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  • Publisher: MarketWatch
  • Author: Francine McKenna
  • Twitter: @624413
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