FINRA Sanctions Trillium Brokerage Services, Director of Trading, Chief Compliance Officer and Nine Traders $2.26 Million for Illicit "Layering" Trading Strategy

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9/23/2010

Katten Muchin Rosenman LLP Contact

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On September 13, the Financial Industry Regulatory Authority announced that it has censured and fined Trillium Brokerage Services, LLC, a New York-based proprietary trading firm, $1 million for using an illicit high-frequency trading strategy and related supervisory failures. Nine traders at Trillium entered numerous layered orders on the NASDAQ Stock Market and NYSE Arca designed to create the false appearance of buying or selling in an attempt to obtain better prices than they would have otherwise, FINRA said in a news release.

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Published In: Administrative Law Updates, Business Organization Updates, Finance & Banking Updates, Securities Law Updates

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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FINRA Sanctions Trillium Brokerage Services, Director of Trading, Chief Compliance Officer and Nine Traders $2.26 Million for Illicit "Layering" Trading Strategy

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FINRA Sanctions Trillium Brokerage Services, Director of Trading, Chief Compliance Officer and Nine Traders $2.26 Million for Illicit "Layering" Trading Strategy

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