Defendant Name: LaBranche & Co. LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: LaBranche & Co. Inc.
SIC Code: 6211
CUSIP: 50544710

Initial Case Details

Legal Case Name In the Matter of LaBranche & Co. LLC
First Document Date 30-Mar-2004
Initial Filing Format Administrative Action
File Number 3-11447
Allegation Type Broker Dealer

Violations Alleged

Section 11(b), 15(b)(4)(E) Exchange Act; Rule 11b-1 Exchange Act


First Resolution Date 30-Mar-2004
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

34-49500 30-Mar-2004 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order Pursuant to Sections 15(b)(4) and 21C of the Securities Exchange Act of 1934
On March 30, 2004, the SEC instituted settled administrative and cease and desist proceedings against LaBranche & Co. LLC ("LaBranche"). According to the SEC: "This matter involves violations by LaBranche of its basic obligation to serve public customer orders over its own proprietary interests. As a specialist firm on the NYSE, LaBranche had a general duty to match executable public customer or 'agency' buy and sell orders and not to fill customer orders through trades from the firm's own account when those customer orders could be matched with other customer orders. Through various forms of improper conduct, LaBranche violated this obligation by filling orders through proprietary trades rather than through other customer orders, thereby causing customer orders to be disadvantaged by approximately $41 million from 1999 through 2003."
34-56944_3-11447 12-Dec-2007 Administrative Proceeding
Order Approving a Distribution and Authorizing Disbursement of Funds
The Commission stated: "In March and July 2004, the Commission entered into settlements with the seven specialist firms operating on the New York Stock Exchange...It is ordered that the fourth rolling distribution, and the corresponding disbursement, of $10,733,490.40, in accordance with the Distribution Report submitted by Heffler, are hereby approved and authorized."
34-60403_3-11447 30-Jul-2009 Administrative Proceeding
Notice of Closing of the Distribution Funds and Opportunity for Comment as to Use of Remaining Funds
The Commission stated: "(i) Heffler Radetich & Saitta L.L.P. ("Heffler"), the Fund Administrator in the above-captioned matters, has determined to close the Distribution Funds established with respect to the Respondents following a sixth and final distribution, and has recommended that the Commission seek public comments on the use of the remaining funds left after all the payments to injured customers and for administrative expenses have been made, and the Division of Enforcement has recommended that the Commission publish a Notice of Closing of the Distribution Funds and Opportunity for Comment as to Use of Remaining Funds."
34-60402_3-11447 30-Jul-2009 Administrative Proceeding
Order Approving Audit Reports, Announcing the Decision to Close the Distribution Funds Following a Final Distribution, Approving Publication of a Notice Seeking Comments on the Use of the Remaining Funds, Modifying Prior Order and Modifying Distribution Plan
The Commission stated: "In view of the foregoing, it is ORDERED that: 1. The audit reports issued by the Independent Auditor are hereby approved. 2. There shall be a sixth and final distribution in this matter in accordance with the procedures set forth in Sections I.6. and I.7. of this Order, following which distribution the matter, as pertains to identifying injured customers and making distributions, will be considered closed by the Commission, and Heffler will begin the process of closing out the Distribution Funds pursuant to the Plan."
34-61199A 17-Dec-2009 Administrative Proceeding
Corrected Order Approving a Distribution, Authorizing Disbursement of Funds, Modifying Prior Order, and Modifying Distribution Plan
On December 17, 2009, the SEC issued an Order Approving a Distribution, Authorizing Disbursement of Funds, Modifying Prior Order, and Modifying Distribution Plan.
34-64553-LaBranche 26-May-2011 Administrative Proceeding
Order Approving Transfer of Remaining Distribution Funds to the U.S. Treasury
According to the SEC: "In this order, we consider the use to be made of the money remaining the seven Fair Funds ('the distribution funds') created in connection with orders instituting and settling procedures ('the settlement orders') against seven specialist firms ('the specialist firms') operating on the New York Stock Exchange ('NYSE'). Pursuant to the settlement orders, the specialist firms paid over $247 million in disgorgement and civil penalties into the distribution funds. After six distributions, $159.8 million remains in the funds ('the remaining funds'). The seven specialist firms involved are: Bear Wagner Specialists LLC, Fleet Specialist, Inc., LaBranche & Co. LLC, Spear, Leeds & Kellog Specialists LLC, Van der Moolen Specialists USA, LLC, Performance Specialist Group LLC, and SIG Specialists, Inc. The SEC ordered that: "Following payment of any outstanding taxes, administrative fees and costs, the remaining funds in the distribution funds established in this matter shall be paid to the Securities and Exchange Commission for transfer to the U.S. Treasury."
34-67809 10-Sep-2012 Administrative Proceeding
Order Denying Request of Robert J. Peacock for "Review and Repeal" of Commission's Order of May 26, 2011
On September 10, 2012, the SEC issued an Order Denying Request of Robert L. Peacock for "Review and Repeal" of Commission's Order of May 26, 2011. According to the order: "As part of settlements that resolved proceedings against the seven specialist firms then operating on the New York Stock Exchange, the specialist firms agreed to disgorge ill-gotten gains and pay civil penalties, together totaling over $247 million. This money was placed into seven funds for distribution to investors injured by the transactions covered by the settlements. After distributing this money to investors over the course of several years, $159.8 million remained in the seven funds." On May 26, 2011, the Commission denied the request of Robert J. Peacock to "review and repeal" of a Commission order transferring the remaining funds to the U.S. treasury "because our procedural rules regarding Fair Funds expressly preclude such relief."

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