Pierre Economacos Allegedly Violated His Firm’s Anti-Money Laundering Rules
Pierre Economacos (CRD #: 1860814) is the subject of a regulatory action by the SEC. This disclosure appears on his BrokerCheck record, accessed on October 31, 2023. Keep reading if you have questions about his alleged conduct.
On September 18, 2023, the SEC issued a Cease-and-Desist Order in which the regulator alleged that Pierre Economacos failed to report suspicious and unusual transactions to the Anti-Money Laundering (AML) group at his firm. Firms are required to have anti-money laundering programs in place so that they can make Suspicious Activity Reports if necessary.
One of Pierre Economacos’ customers allegedly made suspicious wire transfers to a relative. These transactions transpired near the date when a close family member announced that their firm would be acquired, an announcement that drove their share price up 30%.
The SEC alleges that these transactions warranted further investigation.
As part of the terms of the Cease-and-Desist Order, the SEC fined Pierre Economacos $20,000.
Pierre Economacos has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 3 National Commodity Futures Examination
- Series 7 General Securities Representative Examination
- Series 10 General Securities Sales Supervisor – General Module Examination
He is a registered broker in 28 states and is a registered investment adviser in Florida and Texas.
In his 35 years of experience, Pierre Economacos has registered with 12 firms:
- Raymond James & Associates (CRD #: 705)
- Deutsche Bank Securities (CRD #: 2525)
- UBS International (CRD #: 107726)
- UBS Painewebber (CRD #: 8174)
- Lehman Brothers (CRD #: 7506)
- R.H. Damon & Co (CRD #: 23091)
- V.P. Securities (CRD #: 16615)
- Rosenkrantz Lyon & Ross (CRD #: 3227)
- William M. Cadden & Co. (CRD #: 16363)
- Donald & Co. Securities (CRD #: 7776)
- The Stuart-James Company (CRD #: 11691)
- Investors Center (CRD #: 14670)
Kurta Law Can Help
If you worked with Pierre Economacos and have concerns about your investments, please contact us today at 877-600-0098 or email@example.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.