Articles Tagged with BB&T Securities

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Mark Schklar, a former broker with BB&T Securities, LLC (BB&T), submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he participated in unauthorized private securities transactions.

FINRA found that Mark Schklar, of Eagleville, Tennessee, recommended and facilitated the sale of 8,000,000 shares in a company that manufactured equipment for growing marijuana to four investors for total proceeds of $285,250.  Mr. Schklar failed to provide the required notice to his member firm of his participation in the private securities transactions, nor did he receive the necessary approval from his firm to engage in the securities transactions.  Mr. Schklar was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in any capacity for eight months.   The suspension is in effect from March 20, 2017 through November 19, 2017. Continue reading →

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Clearview Correspondent Services, LLC (Clearview) of Richmond, Virginia submitted a Letter of Acceptance, Waiver and Consent in which the firm consented to, but did not admit to or deny, the described sanctions and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that it failed to report positions to the Large Options Position Reporting (LOPR) system.

According to FINRA, Clearview (now known as BB&T Securities), failed to properly aggregate positions of over 1,000 accounts that were acting in concert under the coms review periods. In addition, FINRA found 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.” Consequently, Clearview, n/k/a BB&T, was censured and fined $1,000,000. Continue reading →