Globalstar Inc (GSAT)

[Raffis]

CORRUPT TDAMERITRADE:
“Meanwhile, the Financial Industry Regulatory Authority, which oversees brokerage firms, has sought more information about such practices. And in August 2017, Massachusetts’ top securities regulator launched an investigation into the practice.

https://www.wsj.com/articles/judge-oks-class-action-lawsuit-against-td-ameritrade-1537559644

In its latest quarterly report, TD Ameritrade said “certain regulatory authorities are conducting examinations and investigations regarding the routing of client orders.” The firm collected $320 million from order-routing incentives in the 12 months ended Sept. 2017, according to a regulatory filing.

“Are they routing orders in ways that give their customers the best prices, or make them the biggest profits?” said Tyler Gellasch, executive director of the Healthy Markets Association, which is critical of rebates.

The legal action against TD Ameritrade has its roots in a June 2014 Congressional hearing when a senior TD Ameritrade executive said the firm almost always routed customer orders to markets that paid it the most money. Former Sen. Carl Levin (D., Mich.) said at the hearing he found that practice to be a “pretty incredible coincidence” and questioned whether the firm in fact provided best execution to its clients.“