FINRA Sanctions Aegis Capital Corp., New York, NY
According to FINRA’s September Disciplinary report, on July 10, 2019, the regulator reportedly sanctioned Aegis Capital Corp. (CRD #15007, New York, NY) with a censure and a $93,125 fine.
Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that while participating in public offerings, it allegedly failed to file certain documents specified with FINRA after it had filed such documents with the SEC. According to FINRA, these documents have yet to be filed with FINRA. In addition, the firm filed certain documents between four days and over two years late. In connection with two prospectuses, the firm purportedly failed to disclose a total of $14,000 in fees and compensation for the underwriter’s counsel, according to FINRA’s findings.
The firm reportedly failed to disclose a 7 percent underwriting discount with one of the prospectus. The findings also included that while the firm acted as a distribution participant for an offering, it purchased shares of common stock on a principal basis in a single transaction and entered quotes into the marketplace during the restricted period of the distribution of securities of a company’s offering.
FINRA also found Aegis allegedly filed restricted period notifications late, filed restricted period notifications that did not identify all distribution participants in the notice, and filed a trading notification late. Further the firm failed to establish and maintain a reasonable supervisory system, including WSPs, to achieve compliance with applicable securities laws and regulations.
For FINRA’s full findings see FINRA Case #2013038210402.
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Tags: Aegis Capital Corp investigation, Aegis Capital Corp lawsuit, Aegis Capital Corp. complaints, Aegis Capital Corp. losses Last modified: September 23, 2019