The Financial Industry Regulatory Authority on Tuesday expelled a broker-dealer and barred its principal for having unqualified anti-money laundering and chief compliance officers; inadequately supervising accounts, money movements and trading; and other violations.
The broker, Toronto-based Biremis Corporation, which was formerly called Swift Trade Securities USA, Inc. and ceased operations in July 2011, and Peter Beck, its president and chief executive officer, consented to the sanctions without admitting or denying FINRA's findings.
FINRA found that Biremis violated NASD rule 1021 and FINRA rules 1122 and 2010 by letting a staffer function as its CCO although his registration as a general securities principal was not effective.
After being advised by its FINRA coordinator that this person could not act as CCO, Biremis amended its Form BD to name a second CCO. When this CCO quit some three weeks later, Biremis named a third one. After the first CCO passed the Series 24 examination,
This article is only available in full to Compliance Complete
North America Subscribers who are logged in.
Please log in to see if you can view this content.