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Wall Street Broker to Pay $300K in First SAR Case

June 2, 2016, 4:00 AM

Wall Street brokerage Albert Fried & Co. agreed June 1 to pay a $300,000 civil monetary penalty to settle Securities and Exchange Commission allegations that it failed to file suspicious activity reports with bank regulators despite red flags (In re Albert Fried & Co. LLC, SEC, Admin. Proc. File No. 3-17270, 6/1/16).

The case is the SEC’s first against a firm for failing to file an SAR.

AF&C also agreed, without admitting or denying wrongdoing, to cease and desist from future violations.

The SEC did not immediately respond to an e-mailed request for comment on whether more ...