Ex-Cantor Trader Loses SEC Fight Despite ‘Scapegoat’ Claim
- Adam Mattessich liable for ‘off books’ commissions, jury says
- Mattessich had argued his arrangement was allowed at Cantor
Cantor Fitzgerald offices in New York.
Photographer: Edouard H.R. Gluck/BloombergThis article is for subscribers only.
Cantor Fitzgerald LP’s former global co-head of equities helped violate SEC rules on recording commissions on trades, a jury found after a weeklong trial at which he and other traders tried to cast blame on a permissive culture at the firm.
Adam Mattessich, who claimed the firm made him a “scapegoat” when it asked him to resign in 2018, was found liable Wednesday in a Securities and Exchange Commission lawsuit accusing him of taking “off the books” commissions on certain accounts in the form of personal checks from other traders that weren’t tracked by the firm. The trial was in Manhattan federal court.