Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Wedbush Securities Faces SEC Claims of Market-Access Violations

June 6 (Bloomberg) -- Wedbush Securities Inc., the Los Angeles-based brokerage consistently ranked among the top firms by Nasdaq trading volume, was accused by the U.S. Securities and Exchange Commission of violating market-access regulations.

Wedbush, by failing to maintain control over settings in its trading platforms, permitted market access to overseas traders without ensuring they complied with U.S. law, the SEC said today in a statement announcing an administrative case against the firm and two executives.

“We will hold Wedbush accountable for reaping substantial profits while failing to protect U.S. markets from the risks posed by these traders,” Andrew J. Ceresney, director of the SEC’s enforcement division, said in the statement.

Jeffrey Bell, the former executive vice president in charge of Wedbush’s market-access business, and Christina Fillhart, a senior vice president in the market-access division, were responsible for the firm’s violations, the SEC said. The violations began in July 2011 and continued into 2013, the agency said.

A spokesman for Wedbush didn’t immediately respond to a phone message and e-mail seeking comment. Lawyers for Bell and Fillhart didn’t immediately respond to phone messages seeking.

To contact the reporter on this story: David McLaughlin in Washington at dmclaughlin9@bloomberg.net

To contact the editors responsible for this story: Sara Forden at sforden@bloomberg.net Gregory Mott

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.