Atlas One Financial Group, LLC (Atlas One) submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly failing to report transactions to the Trade Reporting and Compliance Engine (TRACE) within the time required by FINRA rules.
Atlas One has been a member of FINRA since April 24, 2003. On three occasions between 2011 and 2014, Atlas Once has faced FINRA disciplinary actions due to late reporting in TRACE-eligible securities.
Between April 1, 2014 and June 30, 2014, FINRA found that Atlas One failed to report to TRACE 237 transactions in TRACE-eligible Securitized Products (SP) within the time required by FINRA Rule 6730. The alleged failed reports accounted to 6.10 % of the 3,888 Trace-eligible SP transactions. Atlas One’s alleged conduct is a direct violation of FINRA Rule 6730(a) and FINRA Rule 2010 for a pattern or practice of late reporting.
Without admitting or denying the FINRA findings, Atlas One agreed to the sanctions and was censured and ordered to pay a $25,000 fine.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers like Atlas One to not only establish and implement a reasonable supervisory system but enforce their rules, policies and procedures. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firms, such as Atlas One own policies and procedures. If broker dealers and/or their supervisors do not establish, implement and enforce these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers like Atlas One, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Atlas One investment account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for unsuitable recommendations, misrepresentations, and/or other unauthorized and prohibited conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.