Forwardly Inc (FORW): US SEC settles charges against 14 specia...

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Thursday, 03/05/2009 1:54:29 PM

Thursday, March 05, 2009 1:54:29 PM

US SEC settles charges against 14 specialist firms
Wed Mar 4, 2009 1:22pm EST

WASHINGTON, March 4 (Reuters) - Fourteen specialist firms have agreed to pay a total of $70 million in disgorgement and penalties to settle charges of improper proprietary trading, the U.S. Securities and Exchange Commission said on Wednesday.

The SEC said it charged the specialist firms for violating their obligation to serve public customer orders over their own proprietary interests by "trading ahead" of customer orders, or "interpositioning" the firms' proprietary accounts between customer orders.

The firms who settled without admitting or denying the charges are: Botta Capital Management LLC; Equitec Proprietary Markets LLC; Group One Trading LP; Knight Financial Products LLC; Goldman Sachs Execution & Clearing LP; SLK-Hull Derivatives LLC; Susquehanna Investment Group; TD Options LLC; Automated Trading Desk Specialists LLC; E*Trade Capital Markets LLC; Melvin Securities LLC; Melvin & Company LLC; Sydan LP; and TradeLink LLC. (Reporting by Karey Wutkowski)

© Thomson Reuters 2008.

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