Defendant Name: GFI Securities LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: BGC Partners, Inc.
SIC Code: 7372
CUSIP: 05541T10

Initial Case Details

Legal Case Name In the Matter of GFI Securities LLC
First Document Date 27-Sep-2019
Initial Filing Format Administrative Action
File Number 3-19546
Allegation Type Broker Dealer

Violations Alleged

Securities Act
• Sec 17(a)(2)

Resolutions

First Resolution Date 27-Sep-2019
Headline Total Penalty and Disgorgement $4,300,000

Related Documents:

33-10710 27-Sep-2019 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On September 27, 2019, the SEC instituted settled administrative and cease and desist proceedings against GFI Securities LLC ("GFI"). The SEC stated: "These proceedings concern material misstatements that GFI, a registered broker- dealer, made to its customers concerning how GFI's registered representatives handled customer identities in brokering securities transactions."
33-10710-s 27-Sep-2019 Administrative Summary
SEC Charges Interdealer Broker for Misleading Customers
The SEC announced "settled charges against New York-based interdealer broker GFI Securities LLC for repeatedly disclosing customer identities to potential trading counterparties despite its statements to customers that it generally maintained customer anonymity when brokering trades. Pursuant to the settlement agreement, GFI will pay a $4.3 million penalty."