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Broker-Dealer Fined - Supervisory Reviews Not Evidenced
FINRA found that Chicago-based AOS, Inc. - dba Tradingblock - violated OATS Reporting rules. But the firm compounded the problem because it couldn't evidence what, if any, supervisory reviews had been performed. Funny thing is, the firm had adequate procedures set out in its Written Supervisory Procedures ("WSP's"). So, instead of being fined, say, $10,000, AOS, Inc. was hit with $17,500 fine.
BTW, the alleged violation involved failing to transmit Reportable Order Events (ROEs) to OATS. This is FINRA Case #2009017092901. [Disciplinary Actions for May 2011.]
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