FINRA Fines Cantor $2M For Repeated Short-Sale Issues

By Alison Noon (March 5, 2019, 7:00 PM EST) -- Cantor Fitzgerald & Co. got its third strike and a $2 million fine for failing to follow U.S. short-sale regulations, the Financial Industry Regulatory Authority announced Tuesday, citing thousands of occasions when the broker-dealer failed to ensure that securities existed to back up a sale.

Cantor failed to supervise short sales from January 2013 through 2017, if not later, and ignored compliance officers' concerns that the growing firm was out of step with Regulation SHO, an abbreviation for "short," according to a settlement with FINRA. The regulators dinged Cantor for the same issues in 2011 and 2012. Each time, the firm...

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