Is Alpine securities still in business?
Alpine Securities was one of the largest clearing firms in the United States until 2018. Because of an increase in clearing-related, compliance and legal expenses, its profits declined precipitously in 2018, making it difficult to continue its retail securities business.
What does FINRA Do?
To protect investors and ensure the market’s integrity, FINRA—the Financial Industry Regulatory Authority—is a government-authorized not-for-profit organization that oversees U.S. broker-dealers.
What does a brokerage firm Do?
A brokerage firm or brokerage company is a middleman who connects buyers and sellers to complete a transaction for stock shares, bonds, options, and other financial instruments. Brokers are compensated in commissions or fees that are charged once the transaction has been completed.
What does FINRA REgulate?
FINRA Regulates Broker-Dealers, Capital Acquisition Brokers, and Funding Portals. A Broker Dealer is in the business of buying or selling securities on behalf of its customers or its own account or both. A Capital Acquisition Broker is a Broker Dealer subject to a narrower rule book.
Why invest with alpine securities?
Alpine securities provides OTC Pink, OTCQB and Restricted Securities Trading. We also offer investment opportunities with Emerging Growth Companies. We are a member of the Securities Investor Protection Corporation, an important part of the overall system of investor protection in the US.
Did alpine securities violate securities laws by debiting clients?
It appears that Alpine Securities Corporation may have violated securities laws by seemingly charging clients $5,000 a month as an “account fee”–a staggering increase over the $100 fee that clients had been paying. The firm was debiting the clients accounts in order to get its fees. FINRA ordered the firm to refund the fees.
How much money did alpine move to its proprietary accounts?
In a single month alone, the firm moved over $950,000 of customer’s securities to its proprietary accounts in order to cover these debits. The firm thus converted customer funds and securities ostensibly to pay Alpine’s exorbitant fees, including the $5,000 monthly account fee.
Did FINRA file a cease and desist order against alpine Securities Corporation?
UPDATE 8/16/19: FINRA has obtained a Cease and Desist Order against Alpine Securities Corporation in a proceeding dated August 5, 2019.