By Aaron Nicodemus2024-10-01T15:38:00
Broker-dealer TD Securities failed to prevent a trader from placing and then withdrawing thousands of false trades over the course of a year in part because its compliance department failed to follow up on red flags generated by the illegal trades, three regulators said.
TD Securities (TDS), a subsidiary of TD Bank, failed to prevent the head of its securities desk in New York from spoofing the U.S. Treasury cash securities market for 13 months between 2018-19.
The trader, Jeyakumar Nadarajah, is accused of entering false orders on one side of the market to obtain more favorable execution prices on the other side. In November 2023, he was indicted in U.S. District Court for the District of New Jersey for his role in the scheme and is awaiting trial.
2025-01-13T17:32:00Z By Aaron Nicodemus
A broker-dealer subsidiary of Toronto-based BMO Financial Group will pay nearly $41 million in penalties to the Securities and Exchange Commission to settle allegations that its traders issued misleading disclosures on bonds for three years, causing $19 million in harm to its customers.
2024-12-16T14:45:00Z By Aaron Nicodemus
New York-based SeaCrest Wealth Management will pay a $375,000 fine for failing to properly prevent a cherry-picking scheme perpetrated by one of its investment advisers.
2024-09-13T13:09:00Z By Adrianne Appel
TD Bank has been ordered to pay $27.7 million and implement compliance measures, for providing inaccurate, negative credit information to credit agencies about tens of thousands of its customers and taking too long to fix the errors, the Consumer Financial Protection Bureau said.
2025-09-05T18:10:00Z By Aaron Nicodemus
Deutsche Bank has agreed to pay a $3 million fine and has returned $5 million in fee overcharges to customers as part of a resolution with Hong Kong’s financial services regulator.
2025-09-04T17:31:00Z By Adrianne Appel
The majority owner of a Pennsylvania investment firm faces 100 years of prison time and huge fines for allegedly running a $770 million Ponzi scheme centered on an ATM company he also owned.
2025-09-03T17:43:00Z By Adrianne Appel
The Federal Trade Commission (FTC) proposed an enforcement action against Disney for allegedly collecting personal information about children, and then threw salt in the wound by calling the company out in an alert emailed to an untold number of businesses.
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