(HedgeCo.Net) Cantor Fitzgerald & Co. has agreed to pay $3.2 million to settle charges for providing the SEC with incomplete and inaccurate securities trading information known as \u201cblue sheet data.\u201d According to the SEC\u2019s order, for almost five years, Cantor Fitzgerald made numerous deficient blue sheet submissions containing missing or inaccurate data, largely due to inadequate processes designed to validate the accuracy of its submissions and undetected coding errors. The SEC found that Cantor Fitzgerald submitted missing or incorrect data for approximately 35 million transactions. Broker-dealers are required to provide this information, which the SEC uses to carry out its enforcement and regulatory obligations, including investigations of insider trading and other fraudulent activity.<\/p>\n
\u201cThe SEC depends on broker-dealers to provide it with complete and accurate trade data,\u201d said Kelly L. Gibson, Director of the SEC\u2019s Philadelphia Regional Office. \u201cWhen they fail to meet that obligation, it hinders our ability to detect wrongdoing and protect investors.\u201d<\/p>\n
The SEC\u2019s orders found that Cantor Fitzgerald willfully violated the broker-dealer books and records and reporting provisions. The firm admitted the findings in the SEC\u2019s cease-and-desist order and agreed to be censured and pay a penalty of $3.2 million. The SEC\u2019s order also found that Cantor Fitzgerald engaged in remedial efforts to address the cause of its deficient submissions, including the retention of an outside consultant and the adoption of new policies and procedures for processing blue sheet requests. <\/p>\n","protected":false},"excerpt":{"rendered":"
(HedgeCo.Net) Cantor Fitzgerald & Co. has agreed to pay $3.2 million to settle charges for providing the SEC with incomplete and inaccurate securities trading information known as \u201cblue sheet data.\u201d According to the SEC\u2019s order, for almost five years, Cantor […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-73662","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/73662","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=73662"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/73662\/revisions"}],"predecessor-version":[{"id":73663,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/73662\/revisions\/73663"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=73662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=73662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=73662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}