SEC

Another Financial Services Scandal: Broker Fined

A second Broker that has been fined by the Securities and Exchange Commission for years of committing ADR Securities Violations. This is yet another example of the unacceptable behaviour and bad culture that has pervaded far too many financial services organisations (and arguably still does). In this case Banca IMI Securities Corp issued ADRs even though it did not own the underlying shares. This made it possible for such ADRs to be used for inappropriate short selling or inappropriate profiting around dividend ...