Company Expelled and Employees Barred for Excessive Mark-ups
07 January 2011
The US Financial Industry Regulatory Authority (FINRA) has announced that it has expelled APS Financial Corporation (APS) and barred former APS president George Conwilll and former APS broker Peter Aman for their involvement in a fraudulent scheme that excessively charged an elderly investor US$1.2 million. The fraudulent mark-ups allegedly ranged between 4.15% and 67% in the case of 45 transactions involving APS customers, 43 of which involved single elderly investors. APS also allegedly failed to maintain a proper supervisory system that would detect and prevent such excessive mark-ups.
FINRA’s media release (29 December 2010)