Finra sanctions Avenir Financial, bars former CEO
( September 20, 2016, 15:50 GMT | Official Statement) -- MLex Summary: The Financial Industry Regulatory Authority announced on Tuesday that it has sanctioned Avenir Financial Group, fining the firm $229,000 and suspending it for two years from engaging in any self-offerings of securities for misconduct including the fraudulent sales of equity interests in the firm and promissory notes. Additionally, the firm failed to provide to customers written disclosures regarding compensation from the sales and the use of proceeds in connection with the equity offerings, and inadequately supervised the firm's capital raising. Former Chief Executive Officer and Chief Compliance Officer Michael Todd Clements was also barred from the securities industry for fraud. Registered representative Karim Ahmed Ibrahim was suspended for two years for fraud and ordered to disgorge his $25,000 commission. Statement follows in full. Also see document below. ...
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