Washington, DC- June 6 2014
The Securities & Exchange Commission (SEC) filed charges against Wedbush Securities of Los Angeles, Jeffrey Bell, a former executive vice president and Christina Fillhart, a senior vice president, accusing them of violating an SEC market access rule requiring firms to have adequate risk controls in place before providing customers with access to markets.
According to the SEC press release, Wedbush has consistently ranked as one of the five largest firms by trading volume on NASDAQ, and failed to maintain direct and exclusive control over settings in trading platforms used by its customers to send orders to the markets.
“Wedbush provided market access to overseas traders without pre approval and without ensuring that they complied with U.S. law” said Andrew J. Ceresney, director of the SEC Enforcement Division. “We will hold Wedbush accountable for reaping substantial profits while failing to protect U.S. markets from the risks posed by these traders.”
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