The Financial Industry Regulatory Authority sanctioned yet another former associate of First Standard Financial — this time an ex-CEO of the Red Bank, New Jersey-based broker-dealer whose license was canceled by FINRA.
The former executive, in his capacity as the firm's Anti-Money Laundering Compliance Officer, "failed to establish and implement an anti-money laundering … compliance program reasonably designed to detect and cause the reporting of potentially suspicious activity relating to transactions involving the deposit and liquidation of low-priced securities," the regulator claimed.
Without admitting or denying the findings, Michael N. Catoggio signed a letter of acceptance, waiver and consent on April 13 in which he agreed to be suspended from associating with any FINRA member firm in any principal capacity, for two months and pay a $5,000 fine.
