Cape Securities Fined $125K by Securities Regulators

May 5, 2015

Cape Securities  entered into a Letter of Acceptance Waiver and Consent (AWC)  with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that:

  • from 2/2012-9/2012 Cape Securities failed to establish, maintain and enforce supervisory systems designed to detect and prevent fraudulent wire transfer activity by its brokers.
  • Cape Securities Anti-Money Laundering (AML) systems and procedures were inadequate to ensure appropriate reporting of potentially suspicious money movement
  • from 10/2011-2/2013 Cape Securities supervisory system was inadequate and failed to identify and prevent unsuitable excessive trading and churning in customer accounts

Cape Securities was censured and  fined $125,000 .

FINRA AWC 2013035211002

Cape Securities has been a FINRA member since 1976. It has 118 registered representatives who operate out of a main office in McDonough, Georgia, and 20 branch offices and 79 non-registered office locations.

If you have an account with Cape Securities that has suffered losses, you may be entitled to damages. Call to discuss your legal options.

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.

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Rex Securities Law

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