SEC News
- SEC Charges Dallas-Based Trader With Front Running May 24, 2013FOR IMMEDIATE RELEASE2013-93 Washington, D.C., May 24, 2013 — The Securities and Exchange Commission today announced fraud charges and an asset freeze against a trader at a Dallas-based investment advisory firm who improperly profited by placing his own trades before executing large block trades for firm clients that had strong potential to increase the stoc […]
- SEC Charges Institutional Shareholder Services in Breach of Clients' Confidential Proxy Voting Information May 23, 2013FOR IMMEDIATE RELEASE2013-92 Washington, D.C., May 23, 2013 — The Securities and Exchange Commission today charged a Rockville, Md.-based proxy adviser for failing to safeguard the confidential proxy voting information of clients participating in a number of significant proxy contests. Additional Materials SEC Order An SEC investigation found that an employe […]
- SEC Charges City of South Miami with Defrauding Investors About Tax-Exempt Status of Municipal Bonds May 22, 2013FOR IMMEDIATE RELEASE2013-91 Washington, D.C., May 22, 2013 — The Securities and Exchange Commission today charged the City of South Miami, Fla., with defrauding bond investors about the tax-exempt financing eligibility of a mixed-use retail and parking structure being built in its downtown commercial district. Additional Materials SEC Order An SEC investiga […]
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
TAG | OATS reporting
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E*Trade Capital Markets, LLC, Censured and Fined by FINRA
Comments off · Posted by Securities Lawyer in FINRA
The following information is from FINRA’s website under “Disciplinary Actions, April, 2012:”
E*Trade Capital Markets LLC (CRD #111528, Chicago, Illinois)
submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured, fined $45,000, required to pay $812.13, plus interest, in restitution to customers and to revise its WSPs regarding trade reporting. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that in transactions for or with a customer, it failed to use reasonable diligence to ascertain the best inter-dealer market and failed to buy or sell in such market so that the resultant price to its customer was as favorable as possible under prevailing market conditions.
These findings stated that the firm failed to submit the market on open special handling code to OATS, and in one instance also failed to submit a new order report to OATS; failed to submit OATS information for proprietary orders not related to the firm’s market-making activity; failed to submit route reports; and improperly submitted execution reports to OATS, and in one instance submitted an inaccurate cancellation time. The findings also stated that the firm’s supervisory system for its Dempsey Unit Trading Desk did not provide for supervision reasonably designed to achieve compliance with applicable laws, regulations and FINRA rules concerning trade reporting (reporting trades accurately and timely, and the proper use of trade modifiers).
These findings also included that the firm failed to provide documentary evidence that on the trade dates reviewed, it performed the supervisory reviews for its market-making desk set forth in its WSPs concerning trading and/or quoting during a trading halt. FINRA found that the firm transmitted trade reports for odd-lot trades and failed to report the transactions with the required odd-lot modifier of .RO to the NASD®/NASDAQ Trade Reporting Facility (NNTRF).
(FINRA Case #2008013636701)
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Boca Raton, FL, Brokerage Fined by FINRA
Comments off · Posted by Securities Lawyer in FINRA
brokerage failure to comply with laws and FINRA rules · failure to have written supervisory procedures by broker-dealers · failure to supervise brokers · failure to supervise company policies · failure to transmit ROEs to OATS · Financial Industry Regulatory Authority · FINRA · finra lawyer · finra securities arbitration lawyer · firms not transmitting ROEs to OATS · Ft. Lauderdale Securities Lawyer · Lars K. Soreide · Lars K. Soreide Soreide Law Group · OATS · OATS reporting · Order Audit Trail System · Return On Equity · Revere Securities · Revere Securities Corp Boca Raton Florida · ROEs · securities fraud lawyer · securities lawyer · Soreide Law Group PLLC · Stock fraud lawyer · stockbroker misconduct · updating firms WSPs · Written Supervisory Procedures · WSP for firm · WSPs
