FINRA Fines Newedge Record $9.5M For Lax Trade Oversight

Law360, Los Angeles (July 10, 2013, 6:13 PM EDT) -- The Financial Industry Regulatory Authority has fined the U.S.-based subsidiary of multi-asset brokerage firm Newedge Group SA a record-breaking $9.5 million for allegedly allowing customers to shirk short-selling rules and manipulate stock markets regardless of concerns raised by employees and other warning signs, according to Wednesday news reports.

FINRA and stock-exchange regulators hit Newedge with the biggest fine ever for a brokerage's lax supervision of trading outfits, and the firm agreed to sanctions and settlement without admitting or denying the allegations, the Wall Street Journal reported....
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