H. Darbie & Co. and Wolf Popper entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). The firms are accused of facilitating the deposit and liquidation of billions of shares of low-priced, microcap stocks for customers without having in place adequate procedures to assure that such liquidation transactions were scrutinized sufficiently. This occurred between March 2008 and March 2014. Wolf Popper’s conduct occurred between June 2009 and October 2010. Both firms failed to detect and investigate red flags of potentially suspicious activity in connection with stock transactions, and both firms also failed to establish and implement adequate Anti-Money Laundering programs and procedures. Darbie also facilitated the sale and distribution of securities on behalf of customers and failed to ensure that those securities were subject to exemption from registration. Both firms were censured and fined for the conduct.
Because both firms failed to do their due diligence on the sales of securities, both firms can be held liable for improper conduct and monetary losses. If you invested money with either or both firms, you may be entitled to recover your investment losses. Please call Stoltmann Law Offices at 312–332–4200 to speak with an attorney about your options of suing J.H. Darbie and Wolf Popper. We take cases on a contingency fee basis only.