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… Read More >>
Banca IMI Securities Settles ADR Case with SEC
The SEC reports that broker-dealer Banca IMI Securities Corp. (BISC), a wholly owned subsidiary of IMI Capital Markets USA Corp., which in turn is a wholly owned subsidiary of Intesa Sanpaol, an Italian banking group, has agreed to pay more than $35 million to settle charges that it violated federal securities laws when it received… Read More >>
SEC Charges Ex-Ops Head at ITG in ADR Case
The SEC reports additional charges in an enforcement investigation involving the improper handling of American depositary receipts (ADRs) by a former supervisor at broker-dealer ITG Inc.’s securities lending desk. The SEC investigation alleges that Anthony Portelli, ITG’s former managing director and head of operations, who ran ITG’s securities lending operations and was responsible for the… Read More >>
ITG to Pay $24M for Alleged ADR Violations
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… Read More >>
ADR Corporate Action Processing Grows Up
Michael Silverence is hoping that the days of using PDFs to spread the word in the U.S. and globally about the corporate actions impacting American Depositary Receipts (ADRs) are numbered. The BNY Mellon vice president, who oversees global product management, particularly innovation and technology, has been heavily involved in a project to automate corporate actions… Read More >>
