SEC Settles With Ex-Amex CEO Over Lax Enforcement

Law360, New York (February 23, 2010, 3:45 PM EST) -- The U.S. Securities and Exchange Commission has settled an administrative proceeding against Salvatore Sodano, the former chairman and CEO of the American Stock Exchange LLC, officially finding he failed to adequately enforce order-handling rules and other requirements.

On Monday, the SEC officially found that Sodano failed to take adequate steps to ensure Amex was meeting regulatory obligations and that he also failed to enforce the exchange's own rules.

Terms of the settlement were not disclosed, and the SEC declined to comment beyond Monday's order.

The SEC...
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