According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), EFG Capital violated securities laws. The brokerage firm was accused of “failing to establish and implement an adequate supervisory system, including written supervisory procedures or anti-money laundering program related to two material areas of its international business model. EFG did not adequately assess risks associated with its payments of transaction-based compensation to non-registered individuals or entities and potentially suspicious outgoing wire transfer activity occurring in accounts of dual customers of the firm and its Swiss bank affiliate.” These are against securities laws. For this misconduct, the firm was censured and fined $800,000. Please call our Chicago-based securities law firm today if you lost money with EFG Capital. We are attorneys who may be able to help you recover your losses on a contingency fee basis.
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