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by Mike Caswell
The Financial Industry Regulatory Authority has imposed a $1.5-million penalty on Arizona brokerage Scottsdale Capital Advisors Corp. and has permanently banned its owner, John Hurry. (All figures are in U.S. dollars.) FINRA found that Scottsdale facilitated the sale of tens of millions of unregistered shares in penny stocks while ignoring indications that insiders were behind the sales. The shares that it sold included those of a Vancouver-linked OTC Markets company, Voip Pal.com Inc.
The sanctions are contained in a 111-page decision that FINRA released on March 31, 2017. The decision is a loss for Mr. Hurry and for Scottsdale, which had claimed that it was simply the broker on the sales. The firm also said that it had adequate procedures in place to detect insider activity, and would not accept deposits that involved more than 10 per cent of a company's shares.
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