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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: Sr K	3/5/2009 8:43:59 AM
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14 Trading Firms Settle Charges for $69 Million DIANA B. HENRIQUES Published: March 4, 2009 More than a dozen Wall Street trading firms systematically cheated their customers of millions of dollars by improperly slicing bits of profit from countless trades, federal regulators said on Wednesday. ... Regulators said the firms had engaged in various types of “front-running,” ... Regulators say specialist firms made a total of $58.4 million, which should have gone to their customers. According to the S.E.C., the improper trading occurred from 1999 to 2005 on the American Stock Exchange, the Chicago Board Options Exchange, the Philadelphia Stock Exchange and the Chicago Stock Exchange. ... According to regulators, the improper trading activity was detected through examinations by the S.E.C.’s compliance staff and investigated by its enforcement division, with the cooperation of the Financial Industry Regulatory Authority, the securities industry’s self-regulatory organization, and compliance staff members at the various exchanges. A version of this article appeared in print on March 5, 2009, on page B1 of the New York edition.

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