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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,