FINRA recently issued an Acceptance Waiver and Consent (“AWC”) with Aegis Capital in which Aegis Capital was censured, fined $27,500, ordered to pay $620.30, plus interest, in restitution to customers, and required to revise its written supervisory procedures. (See FINRA Case #2016048939201). Aegis consented to the sanctions and to the entry of findings that it failed to execute orders fully and promptly. FINRA’s findings stated that the firm failed to use reasonable diligence to ascertain the best inter-dealer market and failed to buy or sell in such a market so that the resultant price to its customer was as favorable as possible under prevailing market conditions. FINRA’s findings also stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to certain applicable securities laws and regulations and FINRA rules. FINRA further found that Aegis Capital’s written supervisory procedures failed to sufficiently provide for one or more of the minimum requirements for adequate FINRA compliance.
FINRA found that in 22 instances, Aegis Capital failed to execute orders fully and promptly. Additionally, for 11 of the above-referenced 22 orders, the firm failed to use reasonable diligence to ascertain the best inter-dealer market and failed to buy or sell in such market so that the resultant price to its customer was as favorable as possible under prevailing market conditions. FINRA found that Aegis Capital’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to certain applicable securities laws and regulations and the Rules of FINRA.
Aegis Capital Corp. was founded in 1984 and is a full service retail and institutional broker-dealer located in New York City. Aegis Capital Corp.’s main office is located at 810 7th Ave. 18th and 22nd Floor New York, NY 10019.
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