Litigation release No. 25590/December 13, 2022
Securities and Exchange Commission has charged J.H. Darbie & Co., Inc. was charged with failing to report suspicious activities by the Securities and Exchange Commission
On 12 December 2022, The Securities and Exchange Commission (SEC), filed a lawsuit against J.H. Darbie & Co., Inc., a New York City brokerage firm, has been accused of failing to disclose suspicious activity relating to transactions involving low priced securities, also known as penny stocks. The firm is accused by the FBI of failing to report suspicious transactions that involved low-priced, or “cheap” securities. “penny stocks,” The over-the counter markets traded securities.
Broker-dealers must file Suspicious Activity Reports to detect possible violations of securities law and money laundering. These reports detail any suspicious transactions that take place within their firm. According to the SEC complaint, J.H. Darbie failed in its duty to investigate and submit SARs regarding numerous suspicious transactions from January 2018 until January 2020. Even though these transactions raised red-flags, the firm’s anti money laundering policies and procedures as well as regulatory guidance recognized them.
J.H. Darbie violated Section 17a of Securities Exchange Act of 1939 and Rule 17a-8. As a result, the SEC seeks permanent injunctive and civil monetary sanctions.
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J.H. Darbie was investigated by Christine D. Ely, Suzanne Bettis, and Alison Conn under the supervision of Thomas P. Smith Jr. from the New York Regional Office. Darbie was investigated by Christine D. Ely, Suzanne Bettis, Alison Conn, all under the supervision Thomas P. Smith, Jr., of the New York Regional Office. Victor Suthammanont will also be from the New York Regional Office and lead the litigation along with Ms. Bettis. Michael Altschuler and Stephanie Buonaguro from the New York Regional Office conducted the SEC examination which led to the SEC investigation.
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SEC
Securities and Exchange Commission is an agency of the United States government that regulates and supervises the securities industry. Its main goal is to protect and promote investors, ensure fair and efficient markets and facilitate capital formation. The SEC enforces federal security laws, establishes rules for the securities transaction, and oversees securities exchanges. Investment advisors, brokers and other participants in the market are also under its supervision. It ensures that the public receives accurate and timely data from companies, promotes disclosure and transparency, and investigates any violations of securities laws. The SEC is crucial to the stability and integrity of U.S. Financial Markets.
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