Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP represent investors in their disputes with brokerage firms, such as Brex Treasury LLC. Our firm can analyze your accounts and investments in order to determine if there was any broker misconduct in the handling of your accounts. Our analysis can reveal whether an investor has been a victim of misconduct such as unsuitable investments, unauthorized trading, excessive trading, or investment fraud.
Brex Treasury LLC is a broker-dealer that offers business cash management accounts, sweeping customer deposits into a government money market fund or into program banks. Organized in Delaware in 2018 and operating as a broker-dealer since August 2019, the firm is wholly owned by the corporate card and spend management company Brex Inc.
Brex Treasury LLC – By the Numbers:
- CRD #: 299606
- Regulatory Events: 1
- Broker Employees: 34
Brex Treasury LLC – In the News:
FINRA v. Brex Treasury LLC (Case #2021071100401) – From 2020 through 2021, Brex Treasury’s anti-money laundering (AML) program failed to include reasonably-designed procedures for verifying the identities of customers or for identifying and verifying the identities of beneficial owners of legal entity customers based on the risks presented by the firm’s customer base, its online account-opening methods, and the nature of the cash management accounts it offered. During this time, the firm expanded its targeted customer base from venture-backed and middle-market companies to a wider market, including a small-business segment. The firm relied on regulatory technology that was not reasonably designed to verify the identities of new customers and approved hundreds of potentially-fraudulent small business and other corporate accounts. It also failed to have AML policies and procedures reasonably designed to cause the filing of suspicious activity reports (SARs) in connection with transactions in these accounts when required. As a result, Brex Treasury violated FINRA Rules 3310 and 2010.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.