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The Financial Industry Regulatory Authority (FINRA) has filed a complaint against Viewpoint Securities, which closed last year for lack of capital, and broker Seth Leyton.
They "aided and abetted a fraudulent scheme to obtain possession and control of [Collateralized Mortgage Obligations, or CMOs] owned by unwitting investors," and attempted "to misappropriate the income stream generated by the CMOs," charges the non-governmental regulator.
Also, they failed "to establish and implement adequate anti-money laundering policies," says the regulator.
Further, "Leyton made misrepresentations to FINRA during on-the-record testimony and in written responses to FINRA's requests for information," and refused to answer FINRA staff questions, charges FINRA.
The Financial Industry Regulatory Authority (FINRA) has filed a complaint against Viewpoint Securities, which closed last year for lack of capital, and broker Seth Leyton.
They "aided and abetted a fraudulent scheme to obtain possession and control of [Collateralized Mortgage Obligations, or CMOs] owned by unwitting investors," and attempted "to misappropriate the income stream generated by the CMOs," charges the non-governmental regulator.
Also, they failed "to establish and implement adequate anti-money laundering policies," says the regulator.
Further, "Leyton made misrepresentations to FINRA during on-the-record testimony and in written responses to FINRA's requests for information," and refused to answer FINRA staff questions, charges FINRA.