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SEC Charges Wedbush Securities & Two Employees For Market Access Violations

SEC Charges Wedbush Securities & Two Employees For Market Access Violations

SEC Charges Wedbush Securities & Two Employees For Market Access Violations 150 150 Rex Securities Law

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.”

Rex Securities Law provides nationwide representation to investors seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.  Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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