Craig S. Lax, former CEO of a ConvergEx, agreed to pay more than $783,000 and admit wrongdoing to settle charges he participated in a scheme that caused his company’s customers to pay substantially higher amounts than the disclosed commissions for buying and selling securities. The company previously paid $107M and admitted wrongdoing to settle related charges. In settling the SEC’s charges, Lax also agreed to be barred from the securities industry for at least five years. SEC
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