U.S. SEC Fines ITG ADR Violation

On 22 June 2017, SEC fined ex- ITG managing director $100k re ADR oversight.

  • Anthony Portelli, ex-head of operations, agreed to settle charges, pay $100k fine.
  • He is also prohibited from acting in a supervisory capacity for at least 18 months.
  • Supervised securities lending, and compliance with ADR pre-release agreements.
  • Staff failed to take steps to determine foreign shares were owned by ITG clients.

U.S. CFTC – Issues Fines for Exceeding Position Limits

On 21 June CFTC issued order for live cattle futures manipulation.

  • McVean Trading, Investment, Charles McVean; Michael Wharton; Samuel Gilmore.
  • Defendants used manipulative/deceptive devices, exceeded futures position limits.
  • Secretly used cattle feed yards as straw buyers for hundreds of long live contacts.
  • Injected false information into market, had potential to affect cattle futures market.

Order

  • McVean to pay civil penalty of $2mn, MTI to pay $1.5mn and Wharton to pay $1mn.
  • Gilmore, charged as aider/abettor of McVean position limits violations $500k penal