CBOE ANNOUNCES ACTION AGAINST T3 CFO NADAV SAPEIKA
(The following press release from CBOE Holdings Inc., was received by e-mail and was reformatted. The sender verified the statement.)
For Immediate Release
CBOE ANNOUNCES DISCIPLINARY ACTION
CHICAGO, IL – January 31, 2013 -- The Business Conduct Committee of the Chicago Board Options Exchange, Incorporated (CBOE) today reported that it has imposed sanctions against Nadav Sapeika, Chief Operating Officer, Chief Financial Officer and an associated person of T3 Trading Group, L.L.C., a registered broker dealer and an effective Trading Permit Holder (TPH) of CBOE Stock Exchange (CBSX). Sapeika neither admitted nor denied the violations alleged in the Statement of Charges.
Sapeika is alleged to have established a LinkedIn account and an email address substantially similar to that of a Managing Member of a competitor organization. He also is alleged to have used the alias email address to seek the issuance of a user identification with administrative access to the trading platform from representatives of a trading platform vendor used by the competitor organization. This included login access that had the same permissions as a Managing Member of the competitor organization.
Sapeika entered into an Offer of Settlement with the Exchange that subjected him to the following four sanctions: (i) a censure; (ii) a 90-consecutive-day suspension from association with a Trading Permit Holder or TPH organization, beginning on January 30, 2013; (iii) special supervision for two years by any Trading Permit Holder or TPH organization with which Sapeika is acting as an associated person (the associated Trading Permit Holder must file a plan with the Exchange that is acceptable to the Exchange prior to such association); and (iv) completion of an Ethics class that is acceptable to the Exchange within 90 days from the issuance of the decision.
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