ICAP Settles SEC Bogus Broking Rap For $25M

Law360, New York (December 18, 2009, 6:19 PM EST) -- ICAP PLC’s stateside unit has agreed cough up $25 million to settle the U.S. Securities and Exchange Commission’s claims the interdealer broker carried out deceptive broking activities and jazzed up its trading screens with fictitious transactions to attract customers.

The agency announced Friday that ICAP Securities USA LLC and a handful of its brokers agreed to resolve the administrative action, concluding a four-year investigation into the interdealer broker’s allegedly embellished trading activities.

As an interdealer broker ICAP matches buyers and sellers in over-the-counter markets — including...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.