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The SEC alleges that ITG issued American Depository Receipts without possessing the underlying foreign shares, a violation of federal securities laws that lasted for approximately three years.
The SEC reports that broker ITG has agreed to pay more than $24.4 million to settle charges that it “violated federal securities laws when it prompted the [pre-release] issuance of American Depository Receipts (ADRs) without possessing the underlying foreign shares.” ITG’s net revenues from the pre-release transactions during the period under SEC scrutiny totaled approximately...
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