December 9, 2019
Posted December 9, 2019
Broker-dealer Jefferies LLC has agreed to pay $4 million to settle allegations of improperly handling pre-released American Depository Receipts (ADRs), a form of securities that represent foreign shares in a foreign company. Despite knowing that requisite corresponding foreign shares were unavailable, Jefferies improperly borrowed pre-released ADRs from other brokers and failed to properly supervise personnel about these borrowing practices. SEC
Tagged in: Financial and Investment Fraud,