SEC News: Wedbush Settles Failure to Supervise Charge

SEC News: Wedbush Settles Failure to Supervise Charge

Washington DC (STL.News) – The Securities and Exchange Commission announced today that Wedbush Securities Inc. will pay a $250,000 penalty and has agreed to be censured to settle its failure to supervise charge in a pending administrative proceeding.

According to the SEC’s March 2018 order instituting proceedings, Wedbush ignored numerous red flags indicating that one of its registered representatives was involved in a long-running pump-and-dump scheme targeting retail investors.  Wedbush conducted two flawed and insufficient investigations into the registered representative’s conduct, and failed to take appropriate action.

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