2020-02-19 16:37:25 阅读：967594
h the U.S. Securities and Exchange Commission and did not meet requirements for an exemption, FINRA said. The trading of unregistered securities can signal that the funds are bei
ng used for illicit purposes, including money laundering, terrorist financing and market manipulation, according to regulators. Cantor neither admitted nor denied FI
NRA’s allegations, according to the settlement. A Cantor spokeswoman declined to comment on behalf of the firm and Ludovico. Kessler’s lawyer in the FINRA action declined to comment. Kessler, who joined Cantor in 2011, stepped down last week, according to Ross Intelisano, a lawyer who represents Kessler in employment matters. It is unclear whether his departure was related to the FINRA case. A Cantor spokeswoman did not immediately return a call requesting comment on the point. Kessler, in the settlement, agreed to a $35,000 fine and three-month suspension from management roles. Ludovico, who brokered the trades, agreed to a $25,000 fine and two-month suspension from all his roles, FINRA said. FINRA found that Cantor’s supervision system was not “reasonably designed to determine whether the microcap shares it had sold for clients were registered with the U.S. Securities and Exchange Commission, the regulator said. Cantor, through Kessler, decided to expand its microcap sales business in March 2011, but failed to develop a system for supervising the business that included a “reasonable and meaningful inquiry into whether the sales were lawful, FINRA said. Among the problems: Cantor did not adequately train employees about inquiring whether a sale was exempt from registration requirements. In addition, Cantor’s system for detecting suspected money laundering had not been tailored to detect possible illicit asset transfers in the firm潮汕四肖王 ’s microcap business, FINRA said. The $7.3 million penalty includes
a $6 million fine and reimbursement of nearly $1.3 million in commissions, plus interest earned by Cantor from sales of the unregistered microcap shares, FINRA said.