The Securities and Exchange Commission has charged a Salt Lake City-based brokerage firm, Alpine Securities, with securities law violations related to its alleged practice of clearing transactions for microcap stocks that were used in manipulative schemes to harm investors.
In a complaint, the SEC alleges that Alpine systematically failed to file required suspicious activity reports (SARs) for stock transactions that it flagged as suspicious. When it did file the reports, Alpine allegedly omitted the very information that formed the bases for the firm knowing, suspecting, or having reason to suspect that a transaction was suspicious.
"As alleged in our complaint, by failing to file SARs, Alpine Securities deprived regulators and law enforcement of critically important information often related to trades in microcap securities used to investigate potentially serious misconduct," said Julie Lutz, director of the SEC's Denver office.
[More: Finra expels Alpine Securities]
Trevor Uhls was charged with wire fraud and money laundering in a criminal complaint filed in U.S. District Court for the Western District of Missouri.
The multigenerational Cedar Rapids firm is joining through a key OSJ as recruiting competition heats up across the wealth space.
New Treasury guidance sets fee caps, defines index-tracking rules, and bars ESG-linked funds from the tax-deferred accounts for minors
Yari Capital's move to Carson continues a run of additions for the $62 billion firm, days after it hired a veteran recruiter from Osaic.
Servo Wealth Management's $210 million book brings the Minneapolis consolidator's total client assets further past $160 billion.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
