FINRA Hits Laidlaw & Co. With $1.5M Fine, Suspends CCO
Law360 (July 16, 2021, 5:59 PM EDT) -- The Financial Industry Regulatory Authority hit London-based broker-dealer Laidlaw & Co. (UK) Ltd. with a $1.5 million fine — and suspended its chief compliance officer — for a series of alleged violations that included failures to detect "red flags of potential market manipulation" and record-keeping breaches.
During an eight-month span in 2015, the firm failed to adequately supervise, train and guide staff on how to spot potentially manipulative trading activity, according to the FINRA order published Tuesday.
The potentially manipulative trading included so-called cross-trades, which are buy and sell transactions between customer accounts at the same time and price; and "marking...
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