Defendant Name: Mizuho Securities USA LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: Mizuho Financial Group, Inc
SIC Code: 6719
CUSIP: 60687Y10

Initial Case Details

Legal Case Name In the Matter of Mizuho Securities USA LLC
First Document Date 08-Aug-2023
Initial Filing Format Administrative Action
File Number 3-21557
Allegation Type Broker Dealer

Violations Alleged

Other
• Section 17(a) Exchange Act; Rule 17a-4(b) (4) Exchange Act

Resolutions

First Resolution Date 08-Aug-2023
Headline Total Penalty and Disgorgement $25,000,000

Related Documents:

2023-149_3-21557 08-Aug-2023 Press Release--Administrative Proceeding
SEC Charges 11 Wall Street Firms with Widespread Recordkeeping Failures
On August 8, 2023, the SEC "announced charges against10 firms in their capacity as broker-dealers and one dually registered broker-dealer and investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders. They acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of$289 million as outlined below, and have begun implementing improvements to their compliance policies and procedures to address these violations."
34-98081 08-Aug-2023 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On August 8, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against Mizuho Securities USA LLC, stating: "These proceedings arise out of the widespread and longstanding failure of Mizuho employees throughout the firm, including at senior levels, to adhere to certain of these essential requirements and the firm's own policies. Using their personal devices, these employees communicated both internally and externally by personal text messages, or other text messaging platforms such as WhatsApp about the business of the broker-dealer operated by Mizuho ("off-channel communications")."