VCA Securities entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to the AWC, from January 2012 through June 2014, VCA failed to establish, maintain and enforce an adequate supervisory system and adequate written supervisory control procedures designed to review and monitor the transmittals of funds from customer accounts to third-party accounts. Because of this, VCA processed two unauthorized Letters of Authorization sent from a cyber-hacker of a customer’s email account resulting in $250,500 in wire transfers from a customer account to an unauthorized third-party bank account. This is against securities rules and regulations. The firm was fined $35,000 and censured for this conduct.
If you invested money with VCA Securities, please call our securities law office at 312-332-4200 to speak with an attorney. The call is free with no obligation and we take cases on a contingency fee basis. VCA can be held liable for investment losses because of their inability to follow securities laws.
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