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March 5, 2012

Boca Raton, FL, Brokerage Fined by FINRA

business man holding his head with text asking questions about stock broker misconduct

The following information was obtained on FINRA’s website’s ‘Disciplinary Actions, February 2012.”

Revere Securities Corp. (CRD #14178, Boca Raton, Florida)

submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $15,000 and required to revise its WSPs (Written Supervisory Procedures) regarding OATS (Order Audit Trail System) reporting.

Without admitting or denying these findings, the firm consented to the described sanctions and to the entry of findings that it failed to transmit numerous ROEs (Return On Equity) to OATS on numerous business days; these ROEs represented more than half of all ROEs that the firm was required to transmit during that period.

The findings stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations and FINRA rules concerning OATS reporting.

(FINRA Case #2010021513501)

The information from FINRA’s website has ended.

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