The US self regulatory agency slammed the firm and its head for the US securities law breach including "layering," short sale violations, failure to implement an adequate anti-money laundering program, and financial and operational deficiency among others.
FINRA executive vice president and head of market regulation Thomas Gira said, "Biremis’ inadequate supervisory system resulted in the firm violating multiple rules designed to protect the integrity of the markets and to ensure that member firms adhere to the high standards required of the brokerage industry."
Biremis and its head Beck were accused for their lacklustre behaviour in establishing a supervisory system in between June 2007 to June 2010, which could achieve compliance with the applicable laws and regulations prohibiting manipulative trading activity.
The market regular also accused Biremis for its failure in detecting and preventing potential layering activity and potential manipulation of the closing price of equity securities on the US markets.
FINRA also found that the firm failed to comply with the Bank Secrecy Act, which keeps a tab on anti-money laundering (AML) program.
Biremis and Beck neither admitted nor denied the charges, but consented to the entry of FINRA’s findings.
