A New York-based broker-dealer, in business since March 2009, was charged by FINRA with failing to accurately compute its net capital, minimum required net capital and excess net capital.  As a result of these errors, the firm's general ledgers were inaccurate, its net capital was overstated, and it submitted inaccurate quarterly FOCUS filings.  Fortunately, the firm did not fall below its minimum required net capital. FINRA Findings and Allegations. Charles Vista LLC began operations in 2009 after having purchased a former FINRA member firm, which had been in operation under a different name and ownership structure.  When the firm took over the former member firm’s operations, it failed to obtain certain of its books and records that were required to be maintained consistent with SEC and FINRA rules. The FINRA staff further found that the firm was missing and never obtained copies of the following:  (i) Forms U4 and and U5;  (ii) WSPs;  (iii) AML procedures;  (iv) AML independent tests;  (v) annual reports to senior management and CEO attestations;  (vi) correspondence to/from FINRA and other regulatory authorities;  and; (vii) customer complaints, arbitrations and litigations. The firm, nevertheless had an obligation to preserve and maintain each of the above required books and records and, at the time of purchase, the firm should have taken possession of such books and records - but it failed to do so, and further failed to notify the SEC and FINRA of its failure to obtain and retain such documents. Furthermore, the firm employed an office assistant who had responsibilities including the issuing and processing of checks, handling securities and filing the firm’s books and records, but the firm didn't require her to become fingerprinted until after FINRA staff brought the deficiency to the firm’s attention. FINRA Sanctions. Charles Vista LLC agreed to settle the FINRA charges by agreeing to pay a $12,500 fine. Take-Away. New broker-dealers get no slack from FINRA and get no second chances, either. From the get-go, they should have consulted with an experienced rent-a-finop or attorney and been fully covered starting on Day One.  And why didn't they have a clue about what documents they were missing during their new member interview process? For further details, go to:  [FINRA AWC #2009016135901].    [FINRA Disciplinary Actions for March 2012]