{"id":6293,"date":"2018-05-18T19:50:38","date_gmt":"2018-05-18T19:50:38","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6293"},"modified":"2018-05-18T19:50:38","modified_gmt":"2018-05-18T19:50:38","slug":"securities-cases-anti-money-laundering-violation-allegations-lead-to-5-3m-fine-against-icfbcfs-three-houston-based-healthcare-executives-are-accused-of-falsifying-financial-information-and-pension","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/securities-cases-anti-money-laundering-violation-allegations-lead-to-5-3m-fine-against-icfbcfs-three-houston-based-healthcare-executives-are-accused-of-falsifying-financial-information-and-pension\/","title":{"rendered":"Securities Cases: Anti-Money Laundering Violation Allegations Lead to $5.3M Fine Against ICFBCFS, Three Houston-Based Healthcare Executives are Accused of Falsifying Financial Information, and Pension Fund Accuses Wells Fargo of Holding Back Rebate Fees"},"content":{"rendered":"<br \/>\n<h2><strong>ICFBCFS and Chardan Capital Markets Accused of Anti-Money Laundering <\/strong><\/h2>\n<p>FINRA has fined the Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3M for \u201csystemic anti-money laundering compliance failures.\u201d \u00a0The self-regulatory organization contends that when clearing and settling the liquidation of over 33 billion penny stock shares between 1\/2013 and 9\/2015, the firm did not have in place an anti-money laundering program that was reasonable enough to identify and report possibly suspect transactions, especially when penny stocks were involved. \u00a0ICBCFS is settling the case without denying or admitting to the self-regulatory authority\u2019s findings. It has, however, consented to an entry of the findings.<\/p>\n<p>ICBCFS\u00a0also agreed to pay an $860K penalty to settle a US Securities and Exchange Commission case alleging anti-money laundering violations and the failure to report billions of\u00a0suspect penny stock sales.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-anti-money-laundering-violation-allegations-lead-to-5-3m-fine-against-icfbcfs-three-houston-based-healthcare-executives-are-accused-of-falsifying-financial-information-and-pension\/\"  title=\"Continue Reading Securities Cases: Anti-Money Laundering Violation Allegations Lead to $5.3M Fine Against ICFBCFS, Three Houston-Based Healthcare Executives are Accused of Falsifying Financial Information, and Pension Fund Accuses Wells Fargo of Holding Back Rebate Fees\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>ICFBCFS and Chardan Capital Markets Accused of Anti-Money Laundering FINRA has fined the Industrial and Commercial Bank of China Financial Services LLC (ICBCFS) $5.3M for \u201csystemic anti-money laundering compliance failures.\u201d \u00a0The self-regulatory organization contends that when clearing and settling the liquidation of over 33 billion penny stock shares between 1\/2013 and 9\/2015, the firm did [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3957,3836],"tags":[3005,3022,2957],"class_list":["post-6293","post","type-post","status-publish","format-standard","hentry","category-pension-funds","category-wells-fargo","tag-securities-fraud","tag-wells-fargo","tag-whistleblower"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Recent Securities Fraud Cases Around the Country | SSEK Law Firm Blog<\/title>\n<meta name=\"description\" content=\"Securities fraud cases about money laundering violations, Houston healthcare executives, and Wells Fargo and a Pension Fund allegation.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/securities-cases-anti-money-laundering-violation-allegations-lead-to-5-3m-fine-against-icfbcfs-three-houston-based-healthcare-executives-are-accused-of-falsifying-financial-information-and-pension\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Recent Securities Fraud Cases Around the Country | SSEK Law Firm Blog\" \/>\n<meta name=\"twitter:description\" content=\"Securities fraud cases about money laundering violations, Houston healthcare executives, and Wells Fargo and a Pension Fund allegation.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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