Investing

SEC: Citigroup Ran a Secret, Unregistered Stock Exchange for More than Three Years

SEC: Citigroup Ran a Secret, Unregistered Stock Exchange for More than Three Years

By Pam Martens and Russ Martens: September 19, 2018 ~ Last Friday, the Securities and Exchange Commission issued a 372-word press release that carried the title SEC Charges Citigroup for Dark Pool Misrepresentations. Buried within that press release was a brief sentence casually mentioning that a division of Citigroup had “failed to register as a national securities exchange.” Since the thrust of the SEC’s press release was that the big travesty Citigroup had committed was to allow high frequency traders to operate within one of its Dark Pools while lying to its customers about that, this became the sole focus in multiple news articles on the matter. See here and here. The SEC also buried the information that Citigroup was running an illegal stock exchange within its cease-and-desist order and settlement document. In fact, what the SEC actually did was to dump two vastly different violations of security law – … Continue reading

Source: wallstreetonparade.com

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