BANKRUPT BANKER
Showing posts with label SEC’s complaint. Show all posts
Showing posts with label SEC’s complaint. Show all posts
Aura Financial Services Inc.,The Birmingham-based firm and six of its employees allegedly raked in more than $1 million in commissions
Sunday, 14 June 2009
Aura Financial Services Inc.,The Birmingham-based firm and six of its employees allegedly raked in more than $1 million in commissions after rampantly “churning” customer accounts – which is when a broker engages in excessive trading to generate commissions and other revenue, according to a press release published Friday.The company is now at risk of losing its broker-dealer license with the state if it cannot explain within 28 days why its registration should not be suspended or revoked, the statement said.The regulatory agencies said three of Aura’s managers violated their supervisory and compliance responsibilities by not adopting appropriate procedures, enforcing rules, conducting branch office inspections and maintaining files on customer complaints.Also, many of the firms’ representatives had criminal or disciplinary backgrounds and multiple prior customer complaints, the release said.“Aura and the six brokers treated the accounts of certain customers as their personal gravy train,” said Katherine S. Addleman, director of the SEC’s Atlanta regional office. “These six brokers bought and sold securities in these accounts solely to generate commissions for themselves, with a total disregard for their customers’ investment goals. Despite numerous red flags, Aura allowed the improper churning to continue in order to profit from a share of the commissions, markups and other fees.”The SEC’s complaint, filed in U.S. District Court for the Southern District of Florida, charges six current and former Aura registered representatives located in branch offices in Florida and New York.
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