U.S. Sec. & Exch. Comm'n v. Alpine Sec. Corp.

DENISE COTE, United States District Judge

Procedural History ...405

Background ...406

I. The Low-Priced Securities Market ...406

II. Alpine's Business ...408

III. 2011-2012 FINRA Examination ...408

IV. Alpine's Improvements of its AML Program and SAR Filing Program ...409

V. 2014 OCIE Examination ...410

Discussion ...410

I. Regulatory Framework ...411

II. General Arguments ...416

III. Admissibility of Summary Tables ...419

IV. Deficient Narratives ...422

A. Mandatory Filing ...422

B. Red Flags Omitted From SAR Narratives ...425

1. Related Litigation ...426

a. Three Customers ...428

b. Ten SARs ...430

c.…