Recent FINRA Disciplinary Fines And Sanctions
Arque Capital, Ltd. submitted a letter of acceptance, waiver, and consent in which the firm was censured and fined $50,000. Arque Capital did not admit or deny the findings but consented to the penalties and to the entry of findings that it sold about $3.53 million in an alternative investments called Renewable Secured Debentures to roughly forty investors while providing them with the company's sales kit, which included a brochure with misleading statements. According to the findings, the firm was responsible for conducting due diligence on the company and the debentures as well as advertising pieces pertaining to the debentures. Arque Capital sent out solicitations with misleading statements, omitted material facts, and did not provide a sound basis for evaluating the securities that were being offered. Joseph Brandon Westphal was banned from association with any member of FINRA in any capacity. The penalty was the result of findings that he did not respond to FINRA's request for documents and information. [...]