Do you really believe that one has nothing to do with the other? Looks like Canaccord was just the sacrificial lamb?
Settlement OverviewTotal Penalty: $80 million, which represented the largest fine ever imposed by FinCEN against a broker-dealer at the time.Financial Impact: Canaccord Genuity Group Inc. stated the actual resulting financial impact to the firm was approximately US$75.0 million (C$102.6 million), as a portion of the penalty was suspended pending satisfactory review of its suspicious activity reports.Regulatory Bodies: Settlements were simultaneously reached with the Financial Crimes Enforcement Network (FinCEN), the Securities and Exchange Commission (SEC), and FINRA.Key ViolationsFailure to Report: Canaccord failed to submit at least 160 Suspicious Activity Reports (SARs) regarding trading in dozens of over-the-counter (OTC) securities.Lax Internal Controls: Investigators found that Canaccord’s AML surveillance, customer due diligence procedures, and review processes were vastly under-resourced, causing compliance staff to be overwhelmed and under-trained.Market Abuse: The compliance gaps prevented the firm from identifying manipulative and suspicious trading, which hindered law enforcement's ability to combat financial misconduct and market abuse.Resolution & Company ResponseLeadership Changes: In response to the probes, Canaccord's board appointed new executive leadership and overhauled its compliance and oversight structures.Cantor Fitzgerald Acquisition: This major compliance settlement occurred while the investment bank was completing transactions to divest its U.S. wholesale market-making business, which had been previously agreed upon to be acquired by Cantor Fitzgerald.
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