According to a recent article in LeapRate.com, it was reported that GTS Securities was fined a total of $150,000 by the Financial Industry Regulatory Authority (FINRA). The FINRA report lists the date initiated as February 13, 2025.
FINRA said in its release that the fine is for publishing inaccurate trade execution reports and failing to maintain adequate supervisory procedures. According to the FINRA report, from May 2019 through March 2021, GTS Securities published 23 inaccurate monthly reports of executions of covered orders in National Market System (NMS) securities required under Regulation NMS Rule 605 of the Securities Exchange Act of 1934. FINRA states that over 80% of the reported 25,000 orders did not meet the definition of a covered order.
According to the FINRA report, the inaccuracies are said to have stemmed from multiple coding errors in GTS Securities’ proprietary reporting system. FINRA identified these issues during a March 2021 examination. The issues are said to have prompted GTS to switch to a third-party vendor for its reporting and issue corrected reports in November 2021. Also, FINRA said it found that GTS’s supervisory system was inadequate. The firm lacked written supervisory procedures (WSPs) and internal reviews to ensure compliance with Rule 605. GTS Securities updated its procedures in August 2021, implementing new oversight measures.
GTS Securities has agreed to the fine and censure without admitting to or denying these allegations.
GTS Securities is headquartered in New York, New York and has approximately 130 registered representatives across five branches. GTS is a market-maker in listed equities and options and a proprietary trading firm.
To discuss this issue or any other broker/dealer, or securities issues, please contact Soreide Law Group and speak to an experienced securities lawyer at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis.
In a recent article from Financial Advisor they state that the customers of Kestra have filed a complaint against the broker/dealer with the Financial Industry Regulatory Authority’s (FINRA) arbitration service. The article states that the customers allege that one of Kestra’s representatives led them to a volatile and unsuitable exchange-traded product. Additionally, they allege he […]
Investors potentially incurred losses because of securities broker Diego Soares Bacellar [CRD: 6808326, Miami, Florida], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Diego Bacellar worked for Northwestern Mutual Investment Services LLC from April 8, 2019, to May 1, 2026. Investors are encouraged to continue reading to discover more about the disclosures involving […]
Investors apparently complained about securities broker Mark Allen Herding [CRD: 2239357, Phoenix, Arizona], based on disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Herding worked for Cambridge Investment Research Inc. from October 19, 2012, to February 14, 2018, and Cambridge Investment Research Advisors Inc. from November 15, 2012, to February 14, 2018. Since January 31, […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com