Elevation, LLC (CRD #140341, Charlotte, North Carolina)
submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $10,000.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it commenced an options business, engaged in options transactions and designated an individual as its Registered Options Principal (ROP) until his resignation from the firm.
These findings stated that the firm did not notify FINRA of his resignation but instead continued to engage in options business without registering a new ROP.
Also, the findings stated that the firm failed to establish, maintain and enforce an adequate supervisory system for its options activities, including written procedures, reasonably designed to achieve compliance with application securities regulations, and to supervise options transactions in which it engaged.
These findings also included that the firm failed to comply with multiple requirements of FINRA Rule 2360, the options rule, by failing to comply with its registration and customer agreement requirements.
(FINRA Case #2010021236201)
This information is from FINRA’s website’s ‘Disciplinary Actions,’ December, 2011.
Securities Attorney, Lars Soreide, of Soreide Law Group, PLLC, has represented clients nationwide. If you or a family member have experienced losses through Elevation, LLC, call a Securities Arbitration Lawyer for a free consultation on how to potentially recover your losses. To speak with an attorney, call 888-760-6552, or visit www.securitieslawyer.com.
Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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