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Intesa Sanpaolo’s U.S. subsidiary admits it submitted rigged bids to borrow pre-release ADRs.
Banca IMI Securities Corp., a New York broker-dealer, has pled guilty to an antitrust charge and been sentenced to pay a criminal penalty “in excess of $2 million for its involvement in a bid-rigging conspiracy for certain financial instruments,” the U.S. Department of Justice reports. Those financial instruments are pre-release American Depository Receipts (ADRs), which...
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