Broker-Dealer Fined for Failing to File SARs, Resources for Implementing the Marketing Rule and DOL PTE 2020-02, SEC Update on Proxy Advisory Firms and More: Lessons Learned and Worth Reading for June 2021

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Lessons Learned

SEC Charges Broker-Dealer for Failing to File SARS. The SEC settled charges with GWFS Equities Inc. for failing to file suspicious activity reports (“SARs”) related to an external bad actors’ attempts to gain access to the retirement accounts of individual plan participants. During three years, GWFS filed 297 incomplete SARs related to this suspicious activity and failed to file a SAR in 130 instances. The SEC’s order finds that GWFS violated Section 17(a) of the Securities Exchange Act and Rule 17a-8 thereunder. GWFS agreed to a settlement that imposes a $1.5 million penalty, a censure, and an order to cease and desist from future violations. Contributed by Doug MacKinnon, Senior Compliance Consultant.

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