SEC charges Alpine Securities with failure to file suspicious activity reports
Agency says Utah broker-dealer failed to document suspicious microcap stock trades
The Securities and Exchange Commission has charged a Salt Lake City-based brokerage firm, Alpine Securities, with securities law violations related to its alleged practice of clearing transactions for microcap stocks that were used in manipulative schemes to harm investors.
In a complaint, the SEC alleges that Alpine systematically failed to file required suspicious activity reports (SARs) for stock transactions that it flagged as suspicious. When it did file the reports, Alpine allegedly omitted the very information that formed the bases for the firm knowing, suspecting, or having reason to suspect that a transaction was suspicious.
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“As alleged in our complaint, by failing to file SARs, Alpine Securities deprived regulators and law enforcement of critically important information often related to trades in microcap securities used to investigate potentially serious misconduct,” said Julie Lutz, director of the SEC’s Denver office.
[More: Finra expels Alpine Securities]
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