Tuesday, January 31, 2017

SEC News - Internalization, Miscalculations, and FCPA Violations


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Citadel Securities Paying $22 Million for Misleading Clients About Pricing Trades
The SEC’s order finds that Citadel Execution Services suggested to its broker-dealer clients that upon receiving retail orders they forwarded from their own customers, it either took the other side of the trade and provided the best price that it observed on various market data feeds or sought to obtain that price in the marketplace. The process of taking the other side of the trade of the retail orders is known as “internalization.”

BNY Mellon Settles Charges Stemming From Miscalculations of Regulatory Capital Figures
BNY Mellon has agreed to pay a $6.6 million penalty to settle charges stemming from miscalculations of its risk-based capital ratios and risk-weighted assets reported to investors.

Biomet Charged With Repeating FCPA Violations
A Warsaw, Ind.-based medical device manufacturer has agreed to pay more than $30 million to resolve parallel SEC and Department of Justice investigations into the company’s repeat violations of the Foreign Corrupt Practices Act (FCPA).

ITG Paying $24 Million for Improper Handling of ADRs
Broker ITG has agreed to pay more than $24.4 million to settle charges that it violated federal securities laws when it prompted the issuance of American Depository Receipts (ADRs) without possessing the underlying foreign shares.

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The attorneys at Sallah Astarita & Cox include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including the defense of enforcement actions. We represent investors, financial professionals and investment firms, nationwide, for decades. For more information call 212-509-6544 or send an email.
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