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NJ Market Maker Fined over Prices Given to Customers After Prop Trades
Seton Securities Group (Union Beach, NJ) agreed to pay $61K in fines and restitution, and revise its WSP to settle FINRA charges that, while holding customer market orders, it executed prop trades at prices that would have satisfied the customer market orders, and failed to immediately thereafter to execute the customer market orders (up to the size of its prop trade) and at the same price at which it traded for its own account or at a better price. FINRA further alleged that Seton:
- failed to disclose in writing to the customer its correct remuneration for transactions.
- for some transactions, failed to disclose in writing to the customer its correct capacity in the transactions.
- failed to indicate to the OTCRF whether executed short sale transactions in reportable securities were a buy, sell, sell short or cross.
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