Citadel Securities, Natixis and MUFG fined $6m for providing deficient blue sheet data LeapRate

December 12, 2018 BY Valentina Kirilova

Citadel Securities, Natixis and MUFG fined $6m for providing deficient blue sheet data

Three brokers will pay more than $6 million in order to settle Securities and Exchange Commission (SEC) charges. Citadel Securities LLC, Natixis Securities Americas LLC, and MUFG Securities Americas Inc. have provided the SEC with inaccurate securities trading information, when asked for the so called “blue sheet data,” which the SEC uses to carry out regulatory…

September 26, 2018 BY Valentina Kirilova

SG Americas Securities fined $800.000 for improper handling of ADRs

The Securities and Exchange Commission (SEC) has announced that SG Americas Securities LLC will pay more than $800,000 to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs), predominantly by its predecessor entity. In its order against SG Americas, a registered broker-dealer and subsidiary of Paris-based Société Générale S.A., the SEC found that…

September 14, 2018 BY Valentina Kirilova

Cowen Execution Services fined $2.75 million for providing deficient blue sheet data

The Securities and Exchange Commission (SEC) has announced that Convergex Execution Solutions LLC, now known as Cowen Execution Services LLC, will pay $2.75 million to settle charges that the broker-dealer firm provided the SEC with incomplete and deficient securities trading information known as “blue sheet data.” According to the SEC’s order, for nearly four years…

August 16, 2018 BY Valentina Kirilova

SEC fines Ameriprise Financial Services $4.5 million

The Securities and Exchange Commission (SEC) has announced that Ameriprise Financial Services Inc. will pay $4.5 million to settle charges that it failed to safeguard retail investor assets from theft by its representatives. According to the SEC’s order, five Ameriprise representatives committed numerous fraudulent acts, including forging client documents, and stole more than $1 million…

March 08, 2018 BY Valentina Kirilova

Merrill Lynch fined $1.25 million for failures in the unregistered sales of securities

The Securities and Exchange Commission (SEC) has announced settled charges against Merrill Lynch, Pierce, Fenner & Smith Inc. company for its failure to perform required gatekeeping functions in the unregistered sales of securities on behalf of a China-based issuer and its affiliates. The SEC’s order found that Merrill Lynch sold almost three million shares of…

September 29, 2017 BY Valentina Kirilova

SEC charges Alexander Capital L.P. brokers defrauding customers

The Securities and Exchange Commission (SEC) announced that has charged three New York-based brokers with making unsuitable recommendations that resulted in substantial losses to customers and hefty commissions for the brokers. One of the brokers agreed to pay more than $400,000 to settle the charges. Brokers must make recommendations that are compatible with their customers’…

April 24, 2017 BY Valentina Kirilova

SEC fines Telecom executives for FCPA violations

The Securities and Exchange Commission (SEC) announced that two former executives at Hungarian-based telecommunications company Magyar Telekom have agreed to pay financial penalties and accept officer-and-director bars to settle a previously-filed SEC case alleging they violated the Foreign Corrupt Practices Act (FCPA). Magyar Telekom paid a $95 million penalty in December 2011 to settle parallel…

December 20, 2016 BY Valentina Kirilova

SEC charges Morgan Stanley with customer protection rule violations

The Securities and Exchange Commission (SEC) today announced that Morgan Stanley & Co. LLC has agreed to pay $7.5 million to settle charges it used trades involving customer cash to lower the firm’s borrowing costs in violation of the SEC’s Customer Protection Rule. The Customer Protection Rule is intended to safeguard customers’ cash and securities…

December 19, 2016 BY Valentina Kirilova

SEC charges gatekeepers in microcap frauds

Agency Releases White Paper on Risks of Penny Stock Investing The Securities and Exchange Commission (SEC) today barred several market participants from the penny stock industry for their roles in various sham initial public offerings (IPOs) of microcap stocks that defrauded investors. In one case, Newport Beach, California-based securities lawyer Michael J. Muellerleile authored false…

December 07, 2016 BY Valentina Kirilova

Firm settles charges for selling unregistered swaps involving pre-IPO companies

The Securities and Exchange Commission (SEC) announced that a San Francisco-based firm agreed to settle charges that it violated federal securities laws by failing to register security-based swaps that were offered and sold online to shareholders in pre-IPO companies. The SEC instituted an order finding that Equidate Inc. sought to provide liquidity for employees of…

Tag: SEC fines