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Wedbush Securities: Tough Year Just Got Tougher
by Howard Haykin
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The SEC sanctioned Wedbush for failing to supervise a runaway registered rep. [SEC]
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NYSE Arca clipped Edward Wedbush’s wings and sanctioned Wedbush for allowing Mr. Wedbush to operate as if he had his own set of rules. [ARCA]
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FINRA sanctioned Wedbush for trading through protected quotes in violation of Reg. NMS. [FINRA]
Last week’s sanction was also the SEC's 11th action against a bank or broker resulting from the Commission’s ongoing investigation into abusive ADR pre-release practices, which, thus far, has netted over $422 million in settlements.
WHAT WENT WRONG. The SEC found that Wedbush improperly obtained pre-released ADRs from depositary banks when it should have known that neither the firm nor its customers owned the foreign shares needed to support those ADRs. Such practices resulted in inflating the total number of a foreign issuer's tradeable securities, which, in turn, resulted in abusive practices such as inappropriate short selling and dividend arbitrage.
[For additional details, click on … SEC Order.]
