Popular Securities, Inc. nka Popular Securities, LLC (CRD #8096, San Juan, Puerto Rico)
was censured and fined $125,000 for alleged failure to establish, maintain, and enforce a supervisory system and procedures reasonably designed to identify and review concentrated securities purchases, including PR municipal bonds and PR closed-end funds.
FINRA's findings stated that when the PR general obligation bond rating was downgraded, the Popular Securities’s customers continued purchasing concentrated positions of PR securities. Popular Securities’ WSPs did not outline the steps that Popular Securities should have taken to review its customers’ securities purchases for concentration, and apart from a procedure that required quarterly reviews of “elderly” customer accounts for concentration of one product in the client’s account, Popular Securities did not establish, maintain, or enforce any systems or procedures that required supervisors to review for concentrated purchases, including PR securities, or document their reviews.
(FINRA Case #2013035309401)
This summation of information appeared on FINRA's website, "Disciplinary and Other FINRA Actions February 2015."
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