Top Cantor Trader Knew Rules on Pay But Ignored Them, SEC Says
- SEC makes closing argument in trial over commission-splitting
- Defense argues Adam Mattessich’s arrangement wasn’t a secret
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Former top Cantor Fitzgerald LP equities trader Adam Mattessich knew the firm had to keep detailed records on compensation but went ahead anyway with a secret plan to share other traders’ commissions for over a decade, an SEC lawyer told a jury.
In closing arguments in Mattessich’s trial in Manhattan federal court on Tuesday, Securities and Exchange Commission lawyer Lee Greenwood pointed out that, as a desk head and Cantor’s onetime co-head of equities, Mattessich was responsible for the compliance of other traders.