SEC Alleges Money Laundering Violations at Utah Broker

A Utah broker-dealer failed to report suspicious transactions to federal regulators, the Securities and Exchange Commission said June 5 (SEC v. Alpine Securities Corp., S.D.N.Y., 7:17-cv-04179, 6/5/17).

Alpine Securities Corp. cleared transactions for microcap stocks that were used in manipulative schemes, the agency said. Allegedly, despite suspicions, Alpine “routinely and systematically” failed to file required suspicious activity reports (SARs) with the Treasury Department’s Financial Crimes Enforcement Network, the SEC said in a complaint filed in the U.S. District Court for the Southern District of New York. When it did file, it frequently omitted crucial information, including information about ...