​AG Davenport announced today that a New Jersey-based broker-dealer has agreed to pay a $375,000 civil penalty and implement remedial measures after a Bureau investigation found that the firm violated the law by failing to establish and maintain reasonable anti-money laundering procedures and other supervisory procedures.

“Investors work hard to build financial security and plan for an affordable future. But those investments are jeopardized when firms ignore their duty to protect the market from illegal conduct, manipulation, and abuse. “We will protect investors’ hard-earned money by ensuring financial firms operating in New Jersey comply with our laws, which require them to maintain strong supervision and anti-money laundering controls.” – AG Davenport