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Written by 6:15 am Blog, Securities Fraud Articles

Ancora Securities, Inc. fined by FINRA for trading practices.

FINRA recently announced that Ancora Securities, Inc., a registered broker-dealer based in Cleveland, Ohio, has been censured, fined $12,500 and required to revise its written supervisory procedures regarding trade report input.

Without admitting or denying the findings, Ancora Securities consented to the described sanctions and to the entry of findings that it accepted short sale orders in an equity security from another person, or effected short sales in an equity security for its own account, without borrowing the security, or entering into a bona fide arrangement to borrow the security; or having reasonable grounds to believe that the security could be borrowed so that it could be delivered on the date delivery is due; and documenting compliance with SEC Rule 203 (b)(1) or Regulation SHO.

The findings further stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations and FINRA rules concerning trade report input.

If you have questions regarding investments you made with Ancora Securities, Inc., or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help.

The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience in securities litigation matters and handles matters throughout the country and Ohio, including reviewing securities fraud cases in Cleveland, Shaker Heights, Toledo, Akron, and Columbus. To contact the firm, please call 312-238-9650. Or, for more information on The White Law Group, please visit our website at https://whitesecuritieslaw.com.

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