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...
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