RedFlags, Allegations and Complaints against THOMAS MICHAEL RENSVOLD
Disclosure #1 for THOMAS RENSVOLD
- eventDate: 10/16/2020
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA: 2017052478901
- DocketNumberAAO: 2017052478901
- Initiated By: FINRA
- Allegations: Without admitting or denying the findings, Rensvold consented to the sanctions and to the entry of findings that he failed to establish and implement an AML compliance program reasonably designed to detect and cause the reporting of suspicious activity. The findings stated that Rensvold, as his member firm’s AML compliance officer, had full responsibility for the firm’s AML program, and was responsible for monitoring the firm’s compliance with AML obligations, overseeing AML-related communication and training for employees, and filing SARs. Although the firm’s business model changed dramatically, Rensvold did not take reasonable steps to establish and implement an AML program tailored to the firm’s new business lines. Although the AML procedures listed types of securities transactions that could be considered red flags, including wash or cross trades and transactions involving penny stock companies, there were no procedures as to how the firm would review for red flags related to its low-priced securities business. Further, Rensvold failed to reasonably train the firm’s employees regarding how to conduct reviews for suspicious transactions. The firm did not use any exception reports or automated tools to monitor customer account activity for suspicious transactions, including transactions in accounts of customers located in high-risk jurisdictions or who traded in low-priced securities. The firm’s review for potentially suspicious transactions was limited to a manual review of transactions. This manual review was unreasonable given the growth and complexity of the firm’s new business lines. The firm’s failure to implement an AML program reasonably tailored to its new business lines resulted in potentially suspicious transactions going undetected.
- Resolution: Acceptance, Waiver & Consent(AWC)
- SanctionDetails :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- SanctionDetails :: Amount: $10,000.00 Sanctions: Suspension
- SanctionDetails :: Registration Capacities Affected: any principal capacity
- Duration: one month
- Start Date: 11/16/2020
- End Date: 12/15/2020
- Broker Comment: I was hired `by CEO Santos as a part time GP and CCO 4/2015 for an institutional broker. At the end of November of same year the accounts of Track Securities. I immediately saw the need for an AML and CIP provider, MacDonald Information Systems and received approval to execute a contract. CEO thereafter refused to pay the fee. I also strongly recommended a WSP vendor and I was refused, I continued to lobby for this. At this juncture MD, Operations Manager and Trading Manager Neblett was brought on. Thereafter the firm’s FINRA firm contact system on FINRA was updated regarding AML as follows listing as follows: 1. Rensvold, 2 SANTOs 3.Neblett as such, given Rensvold’s part time status divided workflow With Neblett being responsible for trading review and Santos being responsible for CIP program. There was a culture clash and CEO refused to pay for any program and Neblett insisted that that the firm’s clearing broker was responsible for this, as it had been at his prior firm, but could not produce a contract. CEO Santos overruled my recommendations. Using 20 20 hindsight I should have resigned my position or taken other action with the firm’s owner in brazil, however there was a serious language barrier. As such I did not have full responsibility for the firm’s AML program. AML education was done on an annual basis and included all facets including red flags.
Should I file a FINRA complaint against brokers like THOMAS MICHAEL RENSVOLD?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
Update – 2022.11.15If you have suffered investment losses that may have been caused by THOMAS MICHAEL RENSVOLD’s negligence or fraud, contact a FINRA lawyer today. Most FINRA lawyers work on a contingency fee basis, meaning that you will not be charged for their services unless they successfully collect money for you. Kindly add a comment, or contact us directly if you have any query, or want to be contacted by a FINRA lawyer today!
Frequently Asked Questions About THOMAS MICHAEL RENSVOLD
What is THOMAS RENSVOLD’s Central Registration Depository (CRD) Number?
Which firm is THOMAS MICHAEL RENSVOLD associated with?
EMPIRE STATE FINANCIAL, INC.
Where is THOMAS RENSVOLD located?
20 W. PARK AVE., LONG BEACH, NY, 11561
Where can I find more details about THOMAS RENSVOLD’s Investment Firm?
Visit https://brokercheck.finra.org/firm/summary/5657 to read a detailed report for EMPIRE STATE FINANCIAL, INC.
Are there any disclosures, allegations or complaints filed against THOMAS MICHAEL RENSVOLD?
Where can I download a detailed FINRA report for THOMAS RENSVOLD?
Is it safe to do business with THOMAS MICHAEL RENSVOLD?
We’re not sure. Please research THOMAS RENSVOLD’s disclosures, allegations and complaints before taking a decision
Originally reported on November 15, 2022 @ 11:43 pm
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