Wedbush Securities, Inc.

Trading and Pricing

SANCTION AMOUNT: $8,109,249

Defendants: Wedbush Securities, Inc.

The Commission found that Respondent improperly obtained pre-released ADRs from depositary banks when it should have known that neither the firm nor its customers owned the foreign shares needed to support them. This led to inappropriate short selling and dividend arbitrage.

Key Docs
Official SEC press release

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