WASHINGTON (CN) - International Capital Group and three senior executives will pay $4.3 million to settle charges of selling more than 9 billion shares of penny stocks without registering as a broker-dealer, the SEC said.
The SEC on Thursday filed the cease-and-desist order against Chicago-area International Capital Group; its co-founder and managing partner Brian Nord, 40, of Deer Park, Ill.; its co-founder and managing partner Larry Russell, 47, of Terre Haute, Ind.; and its managing partner Todd Bergeron, 42, of Elgin, Ill.
"ICG systematically sold stock obtained as collateral for at least 149 stock-based loans, but failed to register with the SEC as a broker-dealer," the SEC said in a statement announcing the settlement.
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