Virginia Firm Censured and Fined $1 Million by FINRA

Clearview Correspondent Services, LLC nka BB&T Securities, LLC (CRD #142785, Richmond, Virginia)

was censured and fined $1,000,000 for allegedly failing to properly aggregate positions for accounts that were acting in concert under the common control of specific registered representatives/investment advisors within the firm.

FINRA's findings stated that as a result, the firm failed to report positions to the Large Options Position Reporting (LOPR) system. The firm failed to properly aggregate positions for accounts that were acting in concert under the common control of an unregistered third party outside the firm. As a result, the firm failed to report positions to the LOPR and failed to timely report positions to the LOPR.

FINRA's findings also stated that the firm failed to establish and maintain a supervisory system that was reasonably designed to achieve compliance with the applicable securities laws and regulations, and FINRA rules, concerning the reporting of options positions to the LOPR. The firm’s supervisory system did not include sufficient WSPs providing for the reporting of options positions to the LOPR. (FINRA Case #2011027537401)

The summation from FINRA's Website under "Disciplinary and Other Actions February 2015, ends here."

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