Signet Securities, LLC has agreed to pay a fine of $100,000 as a part of a settlement with the Financial Industry Regulatory Authority (FINRA).
From June 30, 2020, through the present, Signet Securities failed to maintain, and enforce written policies and procedures, and failed to maintain a supervisory system reasonably designed to achieve compliance with the firm’s obligation under Regulation Best Interest (Reg BI) to conduct reasonable due diligence of private placement offerings so as to ensure it had a reasonable basis to believe the recommendation could be in the best interest of at least some retail investors.
As a result, the firm willfully violated Rule 15l- 1(a)(1) of the Securities Exchange Act of 1934 and violated FINRA Rules 3110 and 2010.
From January 2020 through the present, the firm failed…
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