Brian Simmons Accused of Failing to Comply with Anti-Money Laundering Compliance Regulations After Transactions Involving Fibrocell Science Inc. Shares
Brian Simmons, formerly associated with John Carris Investments, was suspended from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) in connection with allegations that Simmons failed to adequately establish and implement adequate anti-money laundering procedures, according to an order issued by FINRA.
Simmons, from August 2010 through May 2011, failed to establish and maintain supervisory procedures reasonably designed to achieve compliance with Anti-Money Laundering (“AML”) rules and regulations and failed to monitor and detect activity in violation of regulatory rules, according to FINRA.
Simmons also failed to establish, maintain, and enforce an adequate supervisory system in violation of regulatory rules, according to FINRA.
The allegations against Simmons arose in part due to transactions in shares involving low-priced securities, including shares of Fibrocell Science Inc., according to FINRA.
Simmons consented to his suspension levied by FINRA without denying or admitting FINRA’s findings.
The Peiffer Wolf securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.