June 2017-Miami, FL
According to publicly available records Mariva Capital Markets LLC (CRD#2296303) (“MCM”) , a Miami-based broker dealer who has been a FINRA member since 2013 disclose a recent regulatory event.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
FINRA alleged that Mariva failed to establish and implement an adequate anti-money laundering program and AML compliance procedures reasonably tailored to the account activity of one of its customers ( a bank affiliate and foreign financial institution) that represented the vast majority of MCM’s revenues.
From September 2013-March 2015 the affiliate engaged primarily in trading of Argentinian debt in an amount in excess of $1 billion dollars. FINRA alleged that MCM failed to adequately identify and investigate red flags of potentially suspicious activity.
Mariva was censured and fined $100,000.
If you have questions about an account at Mariva Capital Markets, contact us 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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