It used its clients’ accounts for unauthorized purposes, granted loans without being authorized, and omitted commissions or differential prices to its clients.
The Superintendence of Financial Services (SSF) of the Central Bank of Uruguay (BCU) sanctioned the runner Stock Broker Bridge for a “series of irregularities”. Now, the company will have to pay a fine of 200,000 Indexed Units (IU)which at today’s value, are $29,723.
The firm presented a defense in which it expressed its disagreement with the sanction, which it considers impertinent, but the country’s highest financial entity indicated that, even, the company repeated the breacheswhich further complicates his situation.
The general manager of the Argentine group company Puente, with offices in Montevideo and Punta del Este, resigned a little less than a month ago, and Puente Corredor de Bolsa Uruguay had just rescinded some commercial agreements for referencing clients to other companies in the same group in The last weeks.
What were the irregularities of the company fined by the BCU
As stated in the Resolution, the company incurred in a series of irregularities. Among them, the use of customer accounts outside the purpose for which they were authorized. Strictly speaking, for transactions not intended for the purchase or sale of securities.
In addition, according to the BCU, Puente Corredor de Bolsa granted money loans without being authorized for that item. The state entity also detected loans between clients and the receipt of a cash loan to finance operations on its own account from its shareholder.
The SSF also noted the use of unauthorized sources of financing and outsourcing of services without prior authorization –For example, back office services at Puente Servicios de Inversión SA, another firm linked to the group and based in Panama–.
On the other hand, the resolution marks the omission of commissions or differential prices to your clients. In 2019, for example, it charged price differences to its customers that were not reported on their account statements.
Source: Ambito
