Lek Securities

Lek Securities Accused of Enabling Manipulative Trading

The Financial Industry Regulatory Authority (FINRA) and most major US securities exchanges have permanently barred broker Samuel Lek, who is also the former CEO of Lek Securities. Meanwhile, the broker-dealer was fined $900K.

The bars by the self-regulatory organization (FSRO), the New York Stock Exchange (NYSE), the Nasdaq Stock Market, Cboe Global Markets, and their affiliate exchanges were part of 10 distinct settlements. They came in the wake of allegations that Lek Securities gave foreign traders market access and that some of these traders proceeded to engage in manipulative trading and fraud. Lek and Lek Securities settled the charges but without denying or admitting to them.

Morgan Stanley Ordered to Pay $70M for Tax-Reporting Errors
In its yearly regulatory filing, Morgan Stanley (MS) announced that it took a $70M charge because of tax-reporting mistakes made by its brokerage business from ’11 to ’16. The firm is talking to the Internal Revenue Service to settle any client tax underpayments. Morgan Stanley said that some of its wealth management clients that may have overpaid taxes as a result of these errors and they would be paid back.

The firm also announced that it might sustain a $221.3M loss because of a lawsuit brought by Salzburg, the Austrian state, over commodities derivatives and fixed-income transactions between ’05 and ’12. Salzburg claims that Morgan Stanley did not having the authority or ability to make such deals—a contention that the latter disputes.

Trading Firm Accused of Manipulating US Markets
According to a complaint brought by the US Securities and Exchange Commission, Avalon FA manipulated the US markets on hundreds of thousands of occasions, allegedly making over $21M in a layering scam. The regulator obtained an asset freeze against the Ukrainian trading company.

Articles Tagged with Lek Securities

Lek Securities Ex-CEO Samuel Lek Barred by FINRA and Major Exchanges

Lek Securities Accused of Enabling Manipulative Trading

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