In the Matter of Networks LLC

Networks LLC's supervisory systems, including their WSPs, were not reasonably designed to achieve compliance with Section 5 of the Securities Act of 1933, according to FINRA. The firm's anti-money laundering (AML) compliance program was not reasonably designed to detect and cause the reporting of suspicious transactions, according to FINRA. Cetera Advisors failed to reasonably supervise the creation and dissemination of consolidated reports and failed to preserve such reports, in violation of Section 17(a) of the Exchange Act and Exchange Act Rule 17a-4(b)(4), according to FINRA.

Summary generated from official Financial Industry Regulatory Authority press release