The Securities and Exchange Commission (SEC) recently penalized the Los Angeles-based Wedbush Securities and two of its top officials, for market access violations. Wedbush Securities was fined $2.44 million and agreed to retain an independent consultant. Jeffrey Bell, former VP, and Christina Fillhart, senior VP, agreed to pay more than $85,000 in penalties and interest, and disgorgement.
According to the SEC’s findings, Wedbush failed to have adequate risk controls in place before providing their clients with access to the market. This included customer firms with thousands of anonymous overseas traders.
FINRA, the Financial Industry Regulatory Authority, filed a complaint against Wedbush Securities in August alleging that from January, 2008 through August 2013, Wedbush failed to ensure the appropriate risk management controls and supervisory systems and procedures for their clients.
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