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News of the Competition (08/20/2014)
  • WASHINGTON (8/20/14)-- The Financial Industry Regulatory Authority (FINRA) has filed a complaint against Wedbush Securities Inc., a Los Angeles-based securities and investment firm, for systemic supervisory and anti-money laundering violations . FINRA believes that Wedbush, one of the largest market access providers in the United States, negligently allowed direct market access and sponsored access to broker-dealers and non-registered market participants from January 2008 to August 2013 because it did not provide enough resources to ensure the integrity of the system. The oversight allowed market-access customers to pour into U.S. exchanges where they could make "thousands of potentially manipulative wash trades and other potentially manipulative trades," according to FINRA ...


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