Broker-Dealer Agrees to $1.5 Million Settlement for Failing to File Suspicious Activity Reports Related to Cybercrimes
By EsqSocial Corporation 27/05/21
On May 12, 2021, the Securities and Exchange Commission (“SEC”) settled charges against GWFS Equities, Inc. (“GWFS”), a Colorado-based registered broker-dealer and affiliate of Great West Life & Annuity Insurance Company (“Great-West”), for failing to file Suspicious Activity Reports (“SARs”) and failing to file sufficient SARs, in violation of Section 17(a) of the Securities Exchange Act of 1934 (“Exchange Act”) and Rule 17a-8 thereunder.1 As part of the settlement, GWFS agreed to pay a $1.5...
By: Faegre Drinker Biddle & Reath LLP