China-Owned NY Broker-Dealer Admits To Antitrust Violation

Law360, New York (June 14, 2019, 12:21 PM EDT) -- A broker-dealer owned by the Industrial and Commercial Bank of China Ltd. pled guilty Friday to rigging bids for American depositary receipts, agreeing to pay a $3.26 million fine after a Manhattan federal judge cited its "substantial assistance" in an ongoing antitrust investigation.

At a brisk morning hearing before U.S. District Judge J. Paul Oetken, New York City-based Industrial and Commercial Bank of China Financial Services LLC, an ICBC subsidiary, admitted to conspiring to restrain trade in violation of the Sherman Act.

Judge Oetken accepted a guilty plea and imposed a fine at the low end of guidelines, as recommended by...

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