Soreide Law Group, Securities Arbitration Law Firm (888) 760-6552, recently obtained this information from the FINRA website under “Disciplinary and Other FINRA Actions, March, 2013.”
Lampost Capital, L.C. (CRD® #43706, Boca Raton, Florida)and Gregg Allan Pollack (CRD #2653630, Registered Principal, Boca Raton, Florida)
firm was censured and fined $50,000, Pollack was fined $5,000 and suspended from association with any FINRA member in any principal capacity for two months.
Without admitting or denying the findings, the firm and Pollack consented to the
described sanctions and to the entry of findings that the firm, acting through
Pollack, failed to adequately implement its anti-money laundering (AML)program, so it did not identify suspicious trading that occurred in two accounts.
FINRA's findings stated that the firm failed to adequately assess the firm’s compliance with its AML procedures. Despite the fact that numerous AML red flags associated with both accounts were apparent in the received and delivered blotter and wire order log, the tester did not note the red flags or explore whether the firm detected the red flags or conducted due diligence in response to such activity, both of which were required by the firm’s procedures.
The FINRA suspension is in effect from February 19, 2013, through April 18, 2013.
This ends the information from FINRA’s website.
If you have suffered financial losses due to your broker/dealer's recommendations, call Soreide Law Group for a free consultation with an attorney: 888-760-6552.
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