WASHINGTON (CN) - Three subsidiaries of ConvergEx Group will pay $107 million to settle civil charges they overcharged customers to execute trades, and another $44 million in criminal penalties and restitution, the SEC said.
G-Trade Services LLC, ConvergEx Global Markets Limited, and ConvergEx Execution Solutions settled the civil complaint from the SEC. The SEC also sued former ConvergEx employees Jonathan Daspin and Thomas Lekargeren in separate, settled complaints.
ConvergEx Group will pay $43.8 million to settle parallel criminal charges filed by the Department of Justice.
In a rarity for the SEC, it forced ConvergEx to acknowledge that it did something wrong.
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