Alpine Securities to Pay $30,000 Fine to Settle with FINRA

The Financial Industry Regulatory Authority (FINRA) has filed and settled enforcement actions against Alpine Securities Corporation (Alpine Securities), a self-clearing broker-dealer and boutique investment company.

Alpine Securities has consented to a part of a settlement censuring it and requiring it to pay a $30,000 fine. And FINRA will not bring any future actions against the respondent alleging violations based on the same factual findings.

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Reportedly, the settlement stems from the defendant’ s alleged violations of FINRA rules between October 10, 2017 and April 10, 2018 and between August 27 and August 31, 2018.

During the Review Period, out of 56 Order Audit Trail System (OATS) submissions sampled, Alpine submitted 35 Reportable Order Events (ROEs) with inaccurate order details, mainly occurring between March 26 and April 5, 2018 and between August 27 and 31, 2018. These inaccurate OATS submissions consisted of: (i) 23 combined order/execution reports with inaccurate account type codes; and (ii) 12 orders reported with an inaccurate order received timestamp.

Additionally, between August 29-31, 2018, 15 involving an over-the-counter security to the OTCRF out of 50 principal and riskless-principal transactions sampled failed to manifest the riskless portion.

The defendant ascribed all these reporting failures to its transition to a new order management system on or about August 22, 2018.

As a result, FINRA found Alpine Securities violated its Rules 7450, 2010, and 6622.