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World Trade Financial Corp., a brokerage specializing in over-the-counter and penny stocks, has been nailed by both the Securities and Exchange Commission and independent Financial Industry Regulatory Authority.
First, the regulatory authority fined the firm and fined and suspended three of its functionaries for unlawfully selling securities for their customers without a registration statement in effect.
The stock they peddled was a little-known, thinly-traded pink sheets stock named iStorage. The brokerage appealed the authority's findings to the SEC which stood by the regulatory authority.
World Trade Financial Corp., a brokerage specializing in over-the-counter and penny stocks, has been nailed by both the Securities and Exchange Commission and independent Financial Industry Regulatory Authority.
First, the regulatory authority fined the firm and fined and suspended three of its functionaries for unlawfully selling securities for their customers without a registration statement in effect.
The stock they peddled was a little-known, thinly-traded pink sheets stock named iStorage. The brokerage appealed the authority's findings to the SEC which stood by the regulatory authority.