GNCC Capital Inc (GNCP)

[Militia Man]

This quote is from five days ago where broker dealers got fined for effectively skirting rules and not abiding by standards.

Wedbush Securities Inc. agreed to pay $2.44 million to settle U.S. regulatory claims that it failed to vet clients who broke stock market rules.

“Broker-dealers who enjoy the benefits of being registered must honor the responsibilities that come with that status, and we will continue to hold responsible those who provide market access without implementing proper risk controls,” Andrew Ceresney, director of the SEC Enforcement Division, said in a statement.

The company didn’t have sufficient controls in place to prevent naked short sales, wash trades, money laundering and layering, in which bogus orders are quickly placed and canceled to manipulate prices, according to the SEC.