September 16, 2019

Two investment banks–Stifel, Nicolaus & Co., Inc. and BMO Capital Markets–pay $2.7 million and and $1.95 million in penalties, respectively, for failing to provide accurate data to the SEC. Broker-dealers must provide what is known as “blue sheet data,” information about securities trading information that the SEC uses to monitor and investigate transactions. For a period of seven years, both entities failed to provide data and inaccurately reported information for several millions of transactions. The banks also admitted the SEC’s allegations that they did not have proper mechanisms in place to verify the accuracy of their submissions. SEC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud, Market Manipulation and Trading Violations, Regulatory Violations, Securities Fraud,