In my motion, I detailed the correspondence I received from Apex Clearing, as I was attempting to serve them with a subpoena for Penson's Blue Sheet trading records. I'll just cut to the chase with this. Here is the final resolution I received from Apex in this regard.
From
"· jira@apexclearing.com
· To · jayatthelake2003@yahoo.com We have closed your case [OPS-136932] based on the following resolution:
Resolution: Complete Dear Sir:
Penson Financial Services is no longer in business and their parent company Penson Worldwide filed for bankruptcy in Jan 2013. Apex Clearing assumed the clearing contracts they had in effect as of Jun 6, 2012 but nothing more."
Now, however, we see that Apex consented to findings from FINRA that they did, indeed, assume Failure to Deliver positions from Penson.
"In determining to resolve this matter, FINRA gave significant consideration to the fact that the conduct involved in this matter occurred during the final months following the formation of the firm, and that the firm subsequently undertook efforts to remediate the issues that led to the violations in this matter. Moreover, as the firm assumed the majority of the accounts and systems of a failing business, additional consideration was given to the fact that it had to exert considerable efforts to correct that business in order to protect customers' assets."
The above paragraph is the Regulator's Statement regarding disciplinary disclosure #1 from FINRA's Broker Check Report for Apex. Double-check it with I provided, if you'd like. Here is a link to the Report. The Disclosure is dated last month, 9/16/2015.
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