According to FINRA, Souza Barros Securities, Inc. (CRD No. 149032) was censured and fined $75,000.00 after failing to implement an adequate Anti-Money Laundering program designed to detect and report suspicious transactions, which is required under the Bank Secrecy Act and its implementing regulations.
FINRA alleged that some of Souza’s foreign institutional clients engaged in activity, like high-turnover securities and trading and high-volume cash movement. Additionally, FINRA alleged that other firm clients engaged in intra-day bond trading and trading of US dollar denominated foreign bonds. Souza allegedly failed to adequately investigate such activity. Furthermore, FINRA alleged that Souza did not consistently monitor account activity, review and investigate alerts or maintain and preserve all electronic correspondence. (See FINRA AWC No. 2012033169201.)
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.