(2009) Tory Treasurer Michael Spenser $25 Million Fine for His Crooked Company

The SEC imposed the heavy fine on Icap’s north America division for a series of lax controls, the most serious of which was disseminating “false trade information into the marketplace in order to attract customer attention to its screens and encourage actual trading by these customers”.

As part of the settlement, the regulator demanded the suspension of five brokers for “aiding and abetting the firm’s fraudulent conduct” and two senior executives for “failing reasonably to supervise the brokers”. The suspensions will start immediately and last for three months.

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