May 16, 2018 / 2:18 PM / in 2 months

Chardan and ICBC unit settle charges of anti-money laundering violations -SEC

WASHINGTON, May 16 (Reuters) - The U.S. Securities and Exchange Commission said on Wednesday that Chardan Capital Markets and Industrial and Commercial Bank of China Financial Services have settled charges that they failed to report suspicious sales of billions of penny stock shares.

Chardan will pay a $1 million penalty as part of its settlement, while ICBCFS, a unit of Industrial and Commercial Bank of China Ltd will pay $860,000, the SEC said.

The agency said it found that Chardan’s anti-money laundering official, Jerard Basmagy, caused the firm’s violations. He will pay a $15,000 penalty, the SEC said. (Reporting by Tim Ahmann Editing by Chizu Nomiyama)

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