December 30, 2014-Houston, Texas
Monex Securities, Inc. and its president and chief compliance officer Jorge Martin Ramos Landero consented to the entry of an order by the Financial Industry Regulatory Authority (FINRA) in which Monex was censured and must give up $1.1 million in commissions and pay a fine of $175,000. Ramos is suspended for 45 days and must pay a fine of $15,000.
FINRA alleged that Monex & Ramos allowed its unregistered foreign employees to sell securities and to conduct business on behalf of the company for a two and a half year period in violation of FINRA rules.
Monex Securities Inc., a member of FINRA, is a wholly owned subsidiary of Monex Casa de Bolsa, S. A. de C. V. , part of Monex Grupo Financiero, a leading financial group in Mexico. Monex has been a FINRA member since 1992, has 11 registered representatives operating from one office in Houston, Texas.
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