NOTE: Stipulations of Fact and Consent to Penalty (SFC); Offers of Settlement (OS); and Letters of Acceptance Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions & to the entry of findings. Additionally, for AWCs, if FINRA has reason to believe a violation has occurred and the member or associated person does not dispute the violation, FINRA may prepare and request that the member or associated person execute a letter accepting a finding of violation, consenting to the imposition of sanctions, and agreeing to waive such member's or associated person's right to a hearing before a hearing panel, and any right of appeal to the National Adjudicatory Council, the SEC, and the courts, or to otherwise challenge the validity of the letter, if the letter is accepted. The letter shall describe the act or practice engaged in or omitted, the rule, regulation, or statutory provision violated, and the sanction or sanctions to be imposed.

Mark Edward Diemer (Principal)
AWC/2009016254302

While acting as his member firm’s Anti-Money Laundering Compliance Officer (AMLCO), Diemer failed to

• implement policies and procedures reasonably designed to detect and cause the reporting of suspicious transactions, and
• detect, investigate and/or file SARs as appropriate, on occasions when “red flags” of suspicious activity were present.

The Firm is an introducing firm that maintains “piggyback” arrangements with foreign broker-dealers and executes their transactions with a clearing firm. Many of these suspicious activities occurred in accounts of foreign broker-dealers with whom the firm had a piggyback relationship, and Diemer failed to conduct an adequate investigation into these activities and did not file as appropriate, any SARs.

Finally, Diemer failed to appear for a FINRA on-the-record interview.

Mark Edward Diemer (Principal): Barred

Tags: SAR  AML