Broker-Dealer Settles SEC Charges Of Inaccurate And Incomplete Securities Trading Information
A broker-dealer agreed to pay $2.75 million to settle SEC charges for failing to submit accurate and complete securities trading information on electronic blue sheets ("EBS").
According to the SEC Order, Convergex Execution Solutions, LLC ("Convergex") submitted a substantial number of EBS that contained missing or inadequate data. Despite being sanctioned by FINRA in March 2012 for the same failures, Convergex allegedly failed to take steps to make sure that the transaction reports were accurate. Convergex's submissions reportedly failed to supply customer names, addresses or taxpayer identification numbers due to undetected coding errors.
In the SEC Order, the SEC recognized that Convergex undertook remedial efforts to improve its information technology. After being notified by the SEC that the EBS submissions were incomplete, Convergex rectified the...
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