- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-07-17T17:54:00
Financial services firm Cantor Fitzgerald agreed to pay a $1.4 million penalty as part of a settlement with the Securities and Exchange Commission (SEC) addressing alleged reporting failures.
The lapses occurred regarding Cantor’s failure to identify and report more than 100 customers as large traders as defined by Rule 13h-1 of the Exchange Act, the SEC alleged in an administrative proceeding published Friday. The regulator also faulted the firm for failing to make required filings on its own behalf as a large trader.
From at least August 2017 until May, Cantor failed to maintain records for persons it had reason to know met the criteria of a large trader, which Rule 13h-1 defines as “market participants that exercise investment discretion and effect transactions in a substantial amount of national market system securities,” the SEC said.
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Government healthcare services corporation Maximus settled with the Securities and Exchange Commission for allegedly failing to disclose an executive’s two siblings were also employed by the company and received annual compensation of more than $120,000.
The Securities and Exchange Commission ordered Florida-based fund administrator Theorem Fund Services to pay more than $122,000 to settle allegations it missed red flags regarding a $39 million fraud.
The Securities and Exchange Commission announced the appointments of Natasha Vij Greiner and Keith Cassidy as interim acting co-directors of the Division of Examinations while Director Richard Best is on medical leave.
A lack of supervision and internal controls at Morgan Stanley Smith Barney allowed four of its investment advisers to steal millions from customers before the behavior was detected, the SEC said in charging the firm.
A subsidiary of McKinsey & Co. will pay nearly $123 million to the Department of Justice to settle allegations that it bribed officials in South Africa to win consulting contracts.
A defamation lawsuit filed by a whistleblower against USAA, which a Florida judge recently dismissed on a technicality, revealed in public court records an estimated 400,000 violations of the Military Lending Act by USAA Federal Savings Bank (USAA Bank), an indirect wholly owned subsidiary of USAA.
