Violation Tracker Individual Record

Company: 
Penson Financial Services
Penalty: 
$450,000
Year: 
2010
Date: 
February 2, 2010
Offense Group: 
financial offenses
Primary Offense: 
anti-money-laundering deficiencies
Violation Description: 

The Financial Industry Regulatory Authority fined Penson Financial Services, a Dallas-based securities clearing firm, $450,000 for failing to establish and implement an adequate anti-money laundering (AML) program to detect and trigger reporting of suspicious transactions, as required by the Bank Secrecy Act and FINRA rules and other violations.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.