some of these brokers , however , impose asset based charges for services such as mailing , transfers and handling exchanges which we do not currently impose , and also direct their orders to market makers where they have a financial interest . continued competition could limit our growth or even lead to a decline in our customer base , which would adversely affect our results of operations . industry-wide changes in trading practices , such as the continued use of electronic communications networks , are expected to put continuing pressure on commissions/fees earned by brokers while increasing volatility . the company 's sia subsidiary offers to its clients a number of asset management programs ( “ managed programs ” ) consisting of asset allocation , flexible asset management and focused or completion strategies . in these managed programs , sia acts as the co-adviser to clients . ia representatives will assist each client in reviewing information about the programs , completing a client questionnaire to determine the client 's risk tolerance , financial situation and investment objectives and selecting an investment strategy . sia does not ever act as portfolio manager directly , sia selects other investment advisers to act as portfolio manager on behalf of its clients . during 2016 , the results of sia operations are immaterial to the operations of the company . 17 critical accounting policies we generally follow accounting policies standard in the brokerage industry and believe that our policies appropriately reflect our financial position and results of operations . our management makes significant estimates that affect the reported amounts of assets , liabilities , revenues and expenses and the related disclosure of contingent assets and liabilities included in the financial statements . the estimates relate primarily to revenue and expense items in the normal course of business as to which we receive no confirmations , invoices , or other documentation , at the time the books are closed for a period . we use our best judgment , based on our knowledge of revenue transactions and expenses incurred , to estimate the amount of such revenue and expenses . we are not aware of any material differences between the estimates used in closing our books for the last five years and the actual amounts of revenue and expenses incurred when we subsequently receive the actual confirmations , invoices or other documentation . estimates are also used in determining the useful lives of intangibles assets , and the fair market value of intangible assets . our management believes that its estimates are reasonable . results of operations year ended december 31 , 2016 compared to year ended december 31 , 2015 revenues . total revenues for 2016 were $ 9.8 million , a decrease of $ 284,000 , or 2.8 % , from 2015. commission and fee income decreased $ 861,000 , or 9.4 % , from the prior year to $ 8.3 million primarily due to a decrease in retail trading . trading gains increased $ 346,000 or 60.2 % to $ 921,000 primarily as a result of liquidating the company 's securities . income from interest and dividends increased $ 225,000 , or 69 % , from the prior year to $ 551,000 in 2016 primarily due to accrued interest on our receivable from business sold to affiliate and interest from a subordinated note from our former affiliate . expenses . total expenses for 2016 were $ 15.4 million , an increase of $ 2.2 million or 16.7 % from the prior year primarily due to expenses associated with the sale of the company . employee compensation and benefit costs decreased $ 503,000 , or 9.3 % , from the prior year to $ 4.9 million in 2016. this decrease was primarily due to a reduction in head count from the previous year . clearing and floor brokerage fees decreased $ 373,000 , or 30.1 % , from the prior year to $ 866,000 in 2016 primarily due to lower retail trading volume . professional fees increased $ 258,000 , or 8.1 % form the prior year to $ 3.5 million in 2016. this increase was primarily due to increased professional fees incurred as a result of the change in control of the company in additional to the professional fees discussed below . in december 2015 , a then current employee of the company commenced an arbitration before finra against the company alleging a single cause of action for employment retaliation under the sarbanes-oxley act of 2002. in february 2016 , the employee amended his claim to replace the sarbanes-oxley claim with a substantially identical claim arising under the dodd-frank act of 2010. in february 2017 , a settlement agreement was entered into pursuant to which the arbitration was dismissed with prejudice and the employee was paid $ 825,000 which was funded by kennedy cabot acquisition , llc . effective december 2016 , the company entered into an acquisition agreement with kennedy cabot acquisition , llc . as a result of this transaction , the company incurred $ 2,206,000 of professional fees and other expenses related to change in control . communications expense decreased $ 133,000 , or 22.4 % from the prior year to $ 462,000 in 2016 primarily due to a reduction in expenses associated with quote usage . occupancy costs decreased $ 30,000 , or 3.9 % from the prior year to $ 746,000 in 2016. other general and administrative expenses decreased $ 30,000 , or 2.2 % , from the prior year to $ 1.7 million in 2016 due to expenses associated with the sale of the company . story_separator_special_tag income tax benefit for the year ended december 31 , 2015 was $ 275,000. the benefit for income taxes for 2015 represents the utilization of the loss from continuing operations against income from discontinued operations , exclusive in 2015 of the capital loss from disposal of the investment in former affiliate . the company has recorded a valuation allowance to fully offset our deferred tax asset at december 31 , 2016 and 2015 . 18 results of operations year ended december 31 , 2015 compared to year ended december 31 , 2014 revenues . total revenues for 2015 were $ 10.1 million , a decrease of $ 5.8 million , or 36.3 % , from 2014. commission and fee income decreased $ 1.6 million , or 14.9 % , from the prior year to $ 9.2 million primarily due to a decrease in retail trading . the capital markets division was sold to our former affiliate sbsf on november 4 , 2014 resulting in reduced institutional trading commissions and investment banking revenues . commission recapture operations were shut down on september 30 , 2014. investment banking revenues decreased $ 1.8 million or 97.8 % , from the prior year to $ 40,000 in 2015 due to the capital markets division being sold on november 4 , 2014 to our former affiliate . trading profits decreased $ 776,000 , or 57.4 % , from the prior year to $ 575,000 in 2015 primarily due to an overall decrease in trading volume primarily in the debt markets . the company recorded a gain on the sale of our capital markets segment of $ 1,820,000 , which reflected the fair value of the purchase obligation ( transferred assets of the company 's capital markets business , consisted of customer accounts and goodwill , which had no carrying value to the company . such fair value was based on the present value of estimated annual installments to be received during 2016 through 2020 from forecasted net income of the transferred business plus a final settlement in 2021 , discounted at 11.5 % ( representing sbs 's weighted average cost of capital ) , the sale was for $ 3,000,000 recorded at a discount . the discount recorded for the purchase obligation will be amortized as interest income using an effective yield initially calculated based on the original carrying amount of the obligation and estimated annual installments to be received and adjusted in future periods to reflect actual installments received and changes in estimates of future installments . interest income recognized on the obligation for the period december 31 , 2015 amounted to $ 235,000 based on a yield of approximately 12 % . income from interest and dividends increased $ 232,000 , or 246.8 % , from the prior year to $ 326,000 in 2015 primarily due to accrued interest on our receivable from business sold to affiliate ( see above paragraph ) and the sale of our equity interest to our former affiliate offset by secured demand note interest with our former affiliate which expired on august 31 , 2015. expenses . total expenses for 2015 were $ 13.2 million , a decrease of $ 9.3 million , or 41.3 % , from the prior year . employee compensation and benefit costs decreased $ 2.9 million , or 34.9 % , from the prior year to $ 5.4 million in 2015. this decrease was due to a reduction in head count from the previous year , as well as the capital markets division being sold to sbsf on november 4 , 2014. clearing and floor brokerage fees decreased $ 426,000 , or 25.6 % , from the prior year to $ 1.2 million in 2015 primarily due to lower retail trading volumes , as well as shutting down our rebate recapture business on september 30 , 2014. professional fees decreased $ 1.1 million , or 25.8 % from the prior year to $ 3.2 million in 2015 primarily due to a decrease in legal fees relating to a dispute with a former employee ( see settlement of case below ) . in july 2014 , the company entered into a settlement agreement in regard to a dispute with a former employee , in which the former employee sought , among other things , damages arising from his separation from the company . the company asserted counter claims in the arbitration . pursuant to the settlement , the company paid $ 4,300,000 to the former employee , and the claims and counterclaims have been dismissed and released . advertising and promotion expense increased $ 20,000 , or 8.1 % , from the prior year to $ 268,000 in 2015 due to an increase in social media advertising . communications expense decreased $ 270,000 , or 31.2 % , from the prior year to $ 595,000 in 2015 due to a new phone system and phone vendor . quote fees were down as well due to the reduction in bloomberg terminals due to the sale of our capital markets segment on november 4 , 2014. retail trading revenues were down causing quotes to go down . occupancy costs decreased $ 12,000 , or 1.5 % , from the prior year to $ 776,000 in 2015 due to our palm beach branch closing on march 31 , 2014 and the jersey city branch closing down on june 30 , 2015 , offset by increases in rent at our beverly hills office due to our month to month status . security deposits were written off to rent for jersey city and a former beverly hills location . 19 other general and administrative expenses decreased $ 309,000 , or 15.2 % , from the prior year to $ 1.7 million in 2015 due decreases in office expense in travel , entertainment , computer security updates , and registration expense . discontinued operations - loss from our equity investment in sbsf , an entity which siebert sold its 49

liquidity and capital resources our working capital is invested in cash and money market funds . our total assets at december 31 , 2016 were $ 3.8 million , of which we regarded $ 2.7 million , or 72.0 % , as highly liquid . msco is subject to the net capital requirements of the sec , the nyse and other regulatory authorities . at december 31 , 2016 , msco 's regulatory net capital was $ 1.1 million , which was $ 862,000 in excess of its minimum capital requirement of $ 250,000. the company 's year-end performance and the broker-dealer 's net capital was negatively impacted by a $ 825,000 charge that the company was required to take as a technical adjustment to reflect the arbitration settlement . contractual obligations below is a table that presents our obligations and commitments at december 31 , 2016 : contractual obligations total less than 1 year 1-3 years 3-5 years more than five years operating lease obligations $ 91,000 $ 91,000 $ 0 $ 0 off-balance sheet arrangements retail customer transactions are cleared through clearing brokers on a fully disclosed basis . if customers do not fulfill their contractual obligations , the clearing broker may charge siebert for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy the customer obligations . siebert regularly monitors the activity in its customer accounts for compliance with its margin requirements . siebert is exposed to the risk of loss on unsettled customer transactions if customers and other counterparties are unable to fulfill their contractual obligations . there were no material losses for unsettled customer transactions in 2016. item


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources our working capital is invested in cash and money market funds . our total assets at december 31 , 2016 were $ 3.8 million , of which we regarded $ 2.7 million , or 72.0 % , as highly liquid . msco is subject to the net capital requirements of the sec , the nyse and other regulatory authorities . at december 31 , 2016 , msco 's regulatory net capital was $ 1.1 million , which was $ 862,000 in excess of its minimum capital requirement of $ 250,000. the company 's year-end performance and the broker-dealer 's net capital was negatively impacted by a $ 825,000 charge that the company was required to take as a technical adjustment to reflect the arbitration settlement . contractual obligations below is a table that presents our obligations and commitments at december 31 , 2016 : contractual obligations total less than 1 year 1-3 years 3-5 years more than five years operating lease obligations $ 91,000 $ 91,000 $ 0 $ 0 off-balance sheet arrangements retail customer transactions are cleared through clearing brokers on a fully disclosed basis . if customers do not fulfill their contractual obligations , the clearing broker may charge siebert for any loss incurred in connection with the purchase or sale of securities at prevailing market prices to satisfy the customer obligations . siebert regularly monitors the activity in its customer accounts for compliance with its margin requirements . siebert is exposed to the risk of loss on unsettled customer transactions if customers and other counterparties are unable to fulfill their contractual obligations . there were no material losses for unsettled customer transactions in 2016. item
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 Suspicious Activity Report : some of these brokers , however , impose asset based charges for services such as mailing , transfers and handling exchanges which we do not currently impose , and also direct their orders to market makers where they have a financial interest . continued competition could limit our growth or even lead to a decline in our customer base , which would adversely affect our results of operations . industry-wide changes in trading practices , such as the continued use of electronic communications networks , are expected to put continuing pressure on commissions/fees earned by brokers while increasing volatility . the company 's sia subsidiary offers to its clients a number of asset management programs ( “ managed programs ” ) consisting of asset allocation , flexible asset management and focused or completion strategies . in these managed programs , sia acts as the co-adviser to clients . ia representatives will assist each client in reviewing information about the programs , completing a client questionnaire to determine the client 's risk tolerance , financial situation and investment objectives and selecting an investment strategy . sia does not ever act as portfolio manager directly , sia selects other investment advisers to act as portfolio manager on behalf of its clients . during 2016 , the results of sia operations are immaterial to the operations of the company . 17 critical accounting policies we generally follow accounting policies standard in the brokerage industry and believe that our policies appropriately reflect our financial position and results of operations . our management makes significant estimates that affect the reported amounts of assets , liabilities , revenues and expenses and the related disclosure of contingent assets and liabilities included in the financial statements . the estimates relate primarily to revenue and expense items in the normal course of business as to which we receive no confirmations , invoices , or other documentation , at the time the books are closed for a period . we use our best judgment , based on our knowledge of revenue transactions and expenses incurred , to estimate the amount of such revenue and expenses . we are not aware of any material differences between the estimates used in closing our books for the last five years and the actual amounts of revenue and expenses incurred when we subsequently receive the actual confirmations , invoices or other documentation . estimates are also used in determining the useful lives of intangibles assets , and the fair market value of intangible assets . our management believes that its estimates are reasonable . results of operations year ended december 31 , 2016 compared to year ended december 31 , 2015 revenues . total revenues for 2016 were $ 9.8 million , a decrease of $ 284,000 , or 2.8 % , from 2015. commission and fee income decreased $ 861,000 , or 9.4 % , from the prior year to $ 8.3 million primarily due to a decrease in retail trading . trading gains increased $ 346,000 or 60.2 % to $ 921,000 primarily as a result of liquidating the company 's securities . income from interest and dividends increased $ 225,000 , or 69 % , from the prior year to $ 551,000 in 2016 primarily due to accrued interest on our receivable from business sold to affiliate and interest from a subordinated note from our former affiliate . expenses . total expenses for 2016 were $ 15.4 million , an increase of $ 2.2 million or 16.7 % from the prior year primarily due to expenses associated with the sale of the company . employee compensation and benefit costs decreased $ 503,000 , or 9.3 % , from the prior year to $ 4.9 million in 2016. this decrease was primarily due to a reduction in head count from the previous year . clearing and floor brokerage fees decreased $ 373,000 , or 30.1 % , from the prior year to $ 866,000 in 2016 primarily due to lower retail trading volume . professional fees increased $ 258,000 , or 8.1 % form the prior year to $ 3.5 million in 2016. this increase was primarily due to increased professional fees incurred as a result of the change in control of the company in additional to the professional fees discussed below . in december 2015 , a then current employee of the company commenced an arbitration before finra against the company alleging a single cause of action for employment retaliation under the sarbanes-oxley act of 2002. in february 2016 , the employee amended his claim to replace the sarbanes-oxley claim with a substantially identical claim arising under the dodd-frank act of 2010. in february 2017 , a settlement agreement was entered into pursuant to which the arbitration was dismissed with prejudice and the employee was paid $ 825,000 which was funded by kennedy cabot acquisition , llc . effective december 2016 , the company entered into an acquisition agreement with kennedy cabot acquisition , llc . as a result of this transaction , the company incurred $ 2,206,000 of professional fees and other expenses related to change in control . communications expense decreased $ 133,000 , or 22.4 % from the prior year to $ 462,000 in 2016 primarily due to a reduction in expenses associated with quote usage . occupancy costs decreased $ 30,000 , or 3.9 % from the prior year to $ 746,000 in 2016. other general and administrative expenses decreased $ 30,000 , or 2.2 % , from the prior year to $ 1.7 million in 2016 due to expenses associated with the sale of the company . story_separator_special_tag income tax benefit for the year ended december 31 , 2015 was $ 275,000. the benefit for income taxes for 2015 represents the utilization of the loss from continuing operations against income from discontinued operations , exclusive in 2015 of the capital loss from disposal of the investment in former affiliate . the company has recorded a valuation allowance to fully offset our deferred tax asset at december 31 , 2016 and 2015 . 18 results of operations year ended december 31 , 2015 compared to year ended december 31 , 2014 revenues . total revenues for 2015 were $ 10.1 million , a decrease of $ 5.8 million , or 36.3 % , from 2014. commission and fee income decreased $ 1.6 million , or 14.9 % , from the prior year to $ 9.2 million primarily due to a decrease in retail trading . the capital markets division was sold to our former affiliate sbsf on november 4 , 2014 resulting in reduced institutional trading commissions and investment banking revenues . commission recapture operations were shut down on september 30 , 2014. investment banking revenues decreased $ 1.8 million or 97.8 % , from the prior year to $ 40,000 in 2015 due to the capital markets division being sold on november 4 , 2014 to our former affiliate . trading profits decreased $ 776,000 , or 57.4 % , from the prior year to $ 575,000 in 2015 primarily due to an overall decrease in trading volume primarily in the debt markets . the company recorded a gain on the sale of our capital markets segment of $ 1,820,000 , which reflected the fair value of the purchase obligation ( transferred assets of the company 's capital markets business , consisted of customer accounts and goodwill , which had no carrying value to the company . such fair value was based on the present value of estimated annual installments to be received during 2016 through 2020 from forecasted net income of the transferred business plus a final settlement in 2021 , discounted at 11.5 % ( representing sbs 's weighted average cost of capital ) , the sale was for $ 3,000,000 recorded at a discount . the discount recorded for the purchase obligation will be amortized as interest income using an effective yield initially calculated based on the original carrying amount of the obligation and estimated annual installments to be received and adjusted in future periods to reflect actual installments received and changes in estimates of future installments . interest income recognized on the obligation for the period december 31 , 2015 amounted to $ 235,000 based on a yield of approximately 12 % . income from interest and dividends increased $ 232,000 , or 246.8 % , from the prior year to $ 326,000 in 2015 primarily due to accrued interest on our receivable from business sold to affiliate ( see above paragraph ) and the sale of our equity interest to our former affiliate offset by secured demand note interest with our former affiliate which expired on august 31 , 2015. expenses . total expenses for 2015 were $ 13.2 million , a decrease of $ 9.3 million , or 41.3 % , from the prior year . employee compensation and benefit costs decreased $ 2.9 million , or 34.9 % , from the prior year to $ 5.4 million in 2015. this decrease was due to a reduction in head count from the previous year , as well as the capital markets division being sold to sbsf on november 4 , 2014. clearing and floor brokerage fees decreased $ 426,000 , or 25.6 % , from the prior year to $ 1.2 million in 2015 primarily due to lower retail trading volumes , as well as shutting down our rebate recapture business on september 30 , 2014. professional fees decreased $ 1.1 million , or 25.8 % from the prior year to $ 3.2 million in 2015 primarily due to a decrease in legal fees relating to a dispute with a former employee ( see settlement of case below ) . in july 2014 , the company entered into a settlement agreement in regard to a dispute with a former employee , in which the former employee sought , among other things , damages arising from his separation from the company . the company asserted counter claims in the arbitration . pursuant to the settlement , the company paid $ 4,300,000 to the former employee , and the claims and counterclaims have been dismissed and released . advertising and promotion expense increased $ 20,000 , or 8.1 % , from the prior year to $ 268,000 in 2015 due to an increase in social media advertising . communications expense decreased $ 270,000 , or 31.2 % , from the prior year to $ 595,000 in 2015 due to a new phone system and phone vendor . quote fees were down as well due to the reduction in bloomberg terminals due to the sale of our capital markets segment on november 4 , 2014. retail trading revenues were down causing quotes to go down . occupancy costs decreased $ 12,000 , or 1.5 % , from the prior year to $ 776,000 in 2015 due to our palm beach branch closing on march 31 , 2014 and the jersey city branch closing down on june 30 , 2015 , offset by increases in rent at our beverly hills office due to our month to month status . security deposits were written off to rent for jersey city and a former beverly hills location . 19 other general and administrative expenses decreased $ 309,000 , or 15.2 % , from the prior year to $ 1.7 million in 2015 due decreases in office expense in travel , entertainment , computer security updates , and registration expense . discontinued operations - loss from our equity investment in sbsf , an entity which siebert sold its 49

