ConvergEx Agrees To Pay $150M To Settle Fraud Claims

Law360, Los Angeles (December 18, 2013, 6:42 PM EST) -- Global trading services provider ConvergEx Group LLC and several brokerage units will pay more than $150 million to settle claims by U.S. authorities stemming from a scheme that caused institutional clients to pay up to double the amount disclosed for the execution of trading orders, authorities said Wednesday.

The U.S. Department of Justice and U.S. Securities and Exchange Commission simultaneously announced the resolutions, which resulted from parallel investigations by the agencies into alleged fraudulent activities by certain ConvergEx brokers. 

“Customers have a right to expect honesty...
To view the full article, register now.