Action against Respondent, a registered broker-dealer, in connection with an alleged commission-sharing scheme entered into by two employees.  The SEC alleges that Respondent’s employees engaged in an unauthorized commission-sharing scheme and that, as a result, Respondent failed to maintain accurate records of the sales attributable to, and compensation received by, a registered representative.  Respondent has agreed to pay a civil penalty of $1,250,000.

SEC Order