Wedbush Securities Fined $675K by FINRA and NASDAQ
Posted: Sun Mar 20, 2016 1:31 pm
US-based Financial Industry National Regulatory Authority (FINRA), along with the Nasdaq Stock Market LLC (NASDAQ), today announced a joint censure and fine against Wedbush Securities in connection with its regulation SHO obligations related to a leveraged ETF offering for one of its clearing customers Scout Trading LLC.
The fine from NASDAQ and FINRA totaled $675,000 against Wedbush Securities in connection with its oversight while handling the clearing for Scout Trading LLC. This was a broker-dealer client which had been fined $3 million in a previous related action from NASDAQ. Wedbush acted as an authorized participant of various ETFs to Scout Trading, according to ... (read more)