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Citadel Securities, one of the largest market makers in US stocks and options, has agreed to pay $22.6 million to settle charges that it deceived its broker clients by wrongfully claiming that its retail customer orders were being executed at best prices.
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The Securities and Exchange Commission (SEC) said that Citadel Securities, which was set up in 2002, made misleading statements regarding its retail wholesaling business where it acts as agent for trades from retail brokerages.
Citadel Securities is a unit of Citadel LLC, which also ... (read more)