Legend Securities Fined $125,000 Over Penny Stock Sales

Legend Securities Fined $125,000 Over Penny Stock Sales

Legend Securities Fined $125,000 Over Penny Stock Sales 150 150 Robert Rex, Esq.

February 10, 2016

Legend Securities entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from October 2010 to October 2011, Legend Securities failed to tailor its anti-money laundering (AML) program to its penny stock liquidation business.

FINRA alleged that the firm’s system for reviewing trading activity was not reasonably designed to detect patterns of suspicious activity, given the volume of transactions being executed through the firm and the system for detecting and investigating red flags relating to penny stock trading was not adequate.

AWC 20100225921 01

Legend Securities was censured and fined $125,000 and agreed to an undertaking to retain an independent consultant to review firm policies, systems and procedures and thereafter implement and monitor corrective actions.

Legend Securities  has been a FINRA member firm since November 1998 and employs approximately 146 registered representatives in approximately 14 branch offices. Its principal place of business is New York City.

If you have questions about losses in an account at Legend Securities call to discuss it with an experienced securities lawyer.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 


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