New York brokerage firm Revere Securities LLC agreed to pay $800,000 to settle related allegations raised by regulators. The regulator said that after the initial public offering of dozens of small companies, mostly headquartered in Asia, the company failed to identify suspected “boosted shipments” transactions involving sharp fluctuations in stock prices. The US Financial Industry Supervisory Authority alleged on Tuesday that in the process of helping these companies enter the US capital market, Revere did not fully review customers and did not implement appropriate anti-money laundering safeguards. This enforcement action is part of a broader crackdown on “pull up shipments” scams by US regulators. This type of scam usually involves manipulators buying low-priced, sell-traded small company stocks, then using online forums or chat rooms to attract investors to buy, push up the stock price, and then sell their holdings, causing the stock price to plummet. Revere has not been accused of manipulating stock prices. The company has neither acknowledged nor denied the US Financial Industry Supervisory Authority's allegations and agreed to hire a third party consultant to review its internal policies.

New York brokerage firm Revere Securities LLC agreed to pay $800,000 to settle related allegations raised by regulators. The regulator said that after the initial public offering of dozens of small companies, mostly headquartered in Asia, the company failed to identify suspected “boosted shipments” transactions involving sharp fluctuations in stock prices. The US Financial Industry Supervisory Authority alleged on Tuesday that in the process of helping these companies enter the US capital market, Revere did not fully review customers and did not implement appropriate anti-money laundering safeguards. This enforcement action is part of a broader crackdown on “pull up shipments” scams by US regulators. This type of scam usually involves manipulators buying low-priced, sell-traded small company stocks, then using online forums or chat rooms to attract investors to buy, push up the stock price, and then sell their holdings, causing the stock price to plummet. Revere has not been accused of manipulating stock prices. The company has neither acknowledged nor denied the US Financial Industry Supervisory Authority's allegations and agreed to hire a third party consultant to review its internal policies.