{"id":45191,"date":"2014-11-26T08:59:43","date_gmt":"2014-11-26T13:59:43","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=45191"},"modified":"2014-11-26T08:59:43","modified_gmt":"2014-11-26T13:59:43","slug":"wedbush-securities-to-pay-2-44-million-penalty-for-market-access-violations","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2014\/wedbush-securities-to-pay-2-44-million-penalty-for-market-access-violations.html","title":{"rendered":"Wedbush Securities To Pay $2.44 Million Penalty For Market Access Violations"},"content":{"rendered":"<p><a href=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2010\/06\/gavel.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-16376\" src=\"http:\/\/www.hedgeco.net\/news\/wp-content\/uploads\/2010\/06\/gavel-300x240.jpg\" alt=\"Fined\" width=\"300\" height=\"240\" srcset=\"https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2010\/06\/gavel-300x240.jpg 300w, https:\/\/hedgeco.net\/news\/wp-content\/uploads\/2010\/06\/gavel.jpg 350w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>New York (HedgeCo.Net) &#8211; LA broker-dealer Wedbush Securities agreed to settle a pending SEC case for market access violations by admitting wrongdoing, paying a $2.44 million penalty, and retaining an independent consultant, Reuters reports.<\/p>\n<p>The SEC\u2019s order finds that Wedbush violated the market access rule by failing to have adequate risk controls in place before providing customers with access to the market, including some customer firms with thousands of essentially anonymous overseas traders.\u00a0 The order also finds that Wedbush committed other violations in connection with its market access business.<\/p>\n<p>\u201cWedbush acknowledges that it granted access to thousands of overseas traders without having appropriate safeguards in place,\u201d said Andrew J. Ceresney, Director of the SEC Enforcement Division.\u00a0 \u201cBroker-dealers who enjoy the benefits of being registered must honor the responsibilities that come with that status, and we will continue to hold responsible those who provide market access without implementing proper risk controls.\u201d<\/p>\n<p>Wedbush\u2019s former executive vice president Jeffrey Bell and senior vice president Christina Fillhart also agreed to settle the charges against them for causing Wedbush\u2019s violations of the market access rule.\u00a0 Without admitting or denying the SEC\u2019s findings, they agreed to pay a combined total of more than $85,000 in disgorgement, prejudgment interest, and penalties.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.Net) &#8211; LA broker-dealer Wedbush Securities agreed to settle a pending SEC case for market access violations by admitting wrongdoing, paying a $2.44 million penalty, and retaining an independent consultant, Reuters reports. The SEC\u2019s order finds that Wedbush [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-45191","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45191","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=45191"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45191\/revisions"}],"predecessor-version":[{"id":45194,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/45191\/revisions\/45194"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=45191"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=45191"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=45191"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}