Monday, January 30, 2023 | Back issues
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$25 Million Fine for Inter-Dealer Brokers

WASHINGTON (CN) - The world's largest inter-dealer broker, ICAP PLC, will pay $25 million to settle SEC charges that it misrepresented its trading. Inter-dealer brokers match buyers and sellers in securities trades; ICAP, based in the United Kingdom, was charged with posting false trades to attract traders' attention and disseminating false information.

The SEC also charged these ICAP officers: Ronald A. Purpora, former president of ICAP North America; Gregory F. Murphy, chief operating officer; Peter M. Agola, a broker on the U.S. Treasuries long bond desk; Ronald Boccio, a broker on the U.S. Treasuries 5-year desk; Kevin Cunningham, a broker on the U.S. Treasuries shorts desk; Donald E. Hoffman Jr., a broker on the U.S. Treasuries 10-year desk until he retired in 2006; and Anthony Parisi, a broker on the U.S. Treasuries 5-year desk.

ICAP promised not to do such a thing again, though it did not admit it did it the first time.

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