The US Securities and Exchange Commission (SEC) announced that brokerage firm Banca IMI Securities Corp. (BISC) agreed to pay over $35 million to settle charges that it violated federal securities laws when it requested issuance of and received American Depositary Receipts (ADRs) without possessing the underlying foreign shares.
ADRs are US Securities that represent shares of a foreign company, and for all issued ADRs there must be a corresponding number of foreign shares held in custody at a depositary bank.
BISC is a wholly owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA.
Banca IMI Securities is headquartered in New York and has locations in Milan, London and Rome.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are 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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