Biremis Corp. Execs Fined Over Day Traders' Manipulation

Law360, New York (December 18, 2012, 9:59 PM EST) -- Two executives of Toronto-based brokerage firm Biremis Corp. agreed to pay a total of $500,000 in penalties for allegedly lax supervision of overseas day traders who carried out manipulative trades, federal regulators said Tuesday.

The firm’s co-founders Peter Beck and Charles Kim failed to address signs that overseas day traders using the Biremis day trading system were carrying out a so-called layering scheme, according to the U.S. Securities Commission. This stratagem involves placing orders without executing them in order to make others trade stocks at distorted...
To view the full article, register now.