SocGen Unit Settles Blue Sheet Violation Claims For $3.1M
Law360 (June 24, 2020, 4:42 PM EDT) -- A Societe Generale subsidiary agreed to pay more than $3.1 million to two regulators to resolve claims that it violated recordkeeping laws and submitted inaccurate "blue sheet" trading data for years, the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority said Wednesday.
Broker-dealer SG Americas Securities LLC will fork over $1.55 million to the SEC and $1.55 million to FINRA in fines on top of being censured by both agencies, according to the agreements.
All broker-dealers are required to electronically report what is known as "blue sheet" trading data upon request so that regulators can investigate fraudulent activity...
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