Mizuho Settles With CFTC Over Fund Shortfall Claims

Law360, New York (January 3, 2013, 4:51 PM EST) -- A Mizuho Financial Group Inc. brokerage unit has agreed to pay $175,000 to settle a U.S. Commodity Futures Trading Commission claim that the company had failed to adequately notify the regulator its secured funds had dipped below their required balance, the CFTC announced Thursday.

According to the CFTC, Mizuho Securities USA Inc. failed to timely inform the regulator that it was $12.4 million and $41 million short, respectively, of a secured fund holding requirement on two occasions in October 2011, despite being required to let the...
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