Merriman Capital Sanctioned By Securities Regulators In Connection With Its Written Supervisory Procedures
Merriman Capital, Inc. was sanctioned by securities regulators in connection with claims that it failed to establish, maintain, and enforce written supervisory procedures. Merriman Capital was censured, fined $120,000, and forced to retain an independent consultant and revise its written supervisory procedures by the Financial Industry Regulatory Authority (FINRA).
Merriman Capital failed to maintain written supervisory procedures that were reasonably designed to achieve compliance with applicable securities laws and regulations between May 2009 and September 2013, according to FINRA. Merriman Capital’s written supervisory procedures failed to describe the specific procedures to be followed, the persons responsible for carrying out many of its procedures, or how compliance with the procedures would be documented, according to regulators.
Merriman Capital raised more than $16 million for its parent company, Merriman Holdings, through several private offerings of securities, even though it did not have written procedures related to private placements, according to FINRA.
Merriman Capital consented to the sanctions without denying or admitting FINRA’s factual findings.
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