FINRA Fines Albert Fried & Company
On February 22, 2017, Albert Fried & Company, LLC (CRD #1914, New York, New York) submitted a Letter of Acceptance, Waiver and Consent (“AWC”) in which the firm was censured and fined $27,500.
Without admitting or denying the findings, Albert Fried & Company consented to the sanctions and to the entry of findings that it failed to report 28 short positions totaling 8,757,100 shares in foreign-listed securities that shared a common International Securities Identification Number (ISIN) with a U.S.-listed or traded security. The findings stated that Albert Fried & Company’s supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations and FINRA rules. Albert Fried & Company’s WSPs failed to provide for one or more of the minimum requirements for adequate WSPs concerning short interest reporting, including the reporting of foreign-listed securities, under FINRA Rule 4560.
For further information about this securities law blog post, please contact Brenda Hamilton, Securities Attorney at 101 Plaza Real S, Suite 202 N, Boca Raton, Florida, (561) 416-8956 or by email at [email protected]. This securities law blog post is provided as a general informational service to clients and friends of Hamilton & Associates Law Group and should not be construed as, and does not constitute, legal and compliance advice on any specific matter, nor does this message create an attorney-client relationship. Please note that the prior results discussed herein do not guarantee similar outcomes.
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Brenda Hamilton, Securities Attorney
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