While criminal and fraudulent activity has plagued the financial system since its inception, the pandemic unleashed a whole new set of opportunities for those who would seek to illegally benefit from a crisis. Fortunately, this has been a wake-up call for senior management at many financial institutions, who are now exploring alternative and more effective (and efficient) ways to combat money laundering and criminal activity. Check out this article from DigiPli to find out the details.
The CCO was barred from associating with any FINRA-member firm for six months and escaped monetary fines only because she demonstrated an inability to pay. The broker-dealer agreed to a censure and $55,000 fine. You can check out the settlement agreement here.