International Securities Corporation (CRD #36023, New York, New York)
submitted a Letter of Acceptance, Waiver, and Consent in which the firm was
censured and fined $2,500, jointly and severally, and fined an additional $12,000.
Without admitting or denying the allegations, the firm consented to the described
sanctions and to the entry of findings that, acting through an individual, it filed an
inaccurate FOCUS report and failed to maintain sufficient net capital while
conducting a securities business. The findings also stated that the firm failed to
utilize the services of an independent public accountant to audit its year-end fiscal
reports filed with the NASD. Furthermore, the NASD found that the firm failed to
report to ACT transactions within 90 seconds of execution and failed to designate
transactions as late. In addition, the NASD found that the firm failed to correctly
report to ACT whether it acted as a principal or as an agent in transactions and
failed to establish a Continuing Education Program (Firm Element) for its
registered employees. (NASD Case #C10010088)
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