Related Documents:
34-71128
18-Dec-2013
Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 18, 2013, the SEC instituted settled administrative and cease-and-desist proceedings against G-Trade Services LLC, ConvergEx Global Markets Limited, and ConvergEx Execution Solutions LLC. According to the SEC: "These proceedings arise out of a fraudulent scheme to conceal Respondents' practice of unnecessarily routing certain global trading and transition management customer orders to an offshore affiliate in order to charge undisclosed mark-ups and mark-downs in addition to disclosed commissions on those orders."
2013-266
18-Dec-2013
Press Release--Administrative Proceeding
SEC Charges ConvergEx Subsidiaries With Fraud for Deceiving Customers About Commissions
On December 18, 2013, the SEC announced "fraud charges against three brokerage subsidiaries and two former employees of a global trading services provider that caused many institutional clients to pay substantially higher amounts than disclosed for the execution of trading orders."
34-71558
18-Feb-2014
Administrative Proceeding
Extension Order
On February 18, 2014, the Commission granted the Division of Enforcement's request for a 60-day extension of time until April 21, 2014 to submit a Proposed Plan of Distribution for the Fair Fund.
34-72146
09-May-2014
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
On May 9, 2014, the SEC gave notice that the Division of Enforcement submitted to the Commission "a proposed plan for the distribution of monies placed into a Fair Fund" established for the matter. According to the SEC: "The Fair Fund is comprised of the amounts of disgorgement, prejudgment interest, and civil monetary penalty paid by Respondents, plus any accumulated interest. The Plan provides for the refund of a portion of the trading profits taken from Respondents' customers between October 2, 2006 and December 31, 2011".
Proposed Plan of Distribution
According to the SEC's Proposed Plan of Distribution: "The purpose of this distribution is to refund a portion of the [trading profits] taken from Respondents' customers between October 2, 2006 and December 31, 2011 (the 'relevant period'). The proposed distribution methodology ... provides full refunds of [trading profits] for orders placed during the relevant period in U.S. securities and pro rata refunds of [trading profits] for orders in non-U.S. securities."
34-72487
27-Jun-2014
Administrative Proceeding
Extension Order
On June 27, 2014, the Commission granted the Division of Enforcement's request for an extension of time until August 8, 2014 for entry of an order approving or disapproving the Proposed Plan of Distribution that was noticed for public comment on May 9, 2014.
34-72800
08-Aug-2014
Administrative Proceeding
Extension Order
On August 8, 2014, the Commission granted the Division of Enforcement's request for a second extension of time until December 8, 2014 for entry of an order approving or disapproving the Proposed Plan of Distribution that was noticed for public comment on May 9, 2014. The Division of Enforcement stated that, "additional time is needed to evaluate and respond to the four comments received."
34-73795
09-Dec-2014
Administrative Proceeding
Extension Order
On December 9, 2014, the Commission granted the Division of Enforcement's request for a third extension of time until March 27, 2015 for entry of an order approving or disapproving the Proposed Plan of Distribution that was noticed for public comment on May 9, 2014. The Division of Enforcement stated that "additional time is needed to evaluate the four comments received and prepare responsive recommendations for the Proposed Plan of Distribution."
34-73865
17-Dec-2014
Administrative Proceeding
Order Appointing Fund Plan Administrator and Setting Administrator Bond Amount
On December 17, 2014, the SEC ordered the appointment of The Garden City Group as the fund plan administrator and set the administrator's bond at $108,653,021.
34-74614
31-Mar-2015
Administrative Proceeding
Extension Order
On March 31, 2015, the Commission granted the Division of Enforcement's request for a fourth extension of time until May 26, 2015 for entry of an order approving or disapproving the Proposed Plan of Distribution that was noticed for public comment on May 9, 2014. The Division of Enforcement stated that "additional time is needed to evaluate the five comments received and prepare responsive recommendations for the Proposed Plan of Distribution."
34-75519
24-Jul-2015
Administrative Proceeding
Order Approving a Plan of Distribution
On July 24, 2015, the SEC approved the Plan of Distribution for the Fair Fund in the matter. As of April 30, 2015, all payments have been made and placed into the escrow account for the Fair Fund, totaling $109,440,085.58.
Plan of Distribution
With respect to the Plan of Distribution, the SEC stated: "The purpose of this distribution is to refund a port of the [trading profits] taken on orders placed by Respondents' Direct Customers between October 2, 2006 and December 31, 2011 (the 'Relevant Period'). The proposed distribution methodology ... provides full refunds of [trading profits] for orders placed during the Relevant Period in U.S. securities and pro rata refunds of [trading profits] for orders in non-U.S securities."
34-79235
03-Nov-2016
Administrative Proceeding
Order Directing Disbursement of Fair Fund
On November 3, 2016, the SEC issued an Order directing the disbursement of "$63,479,137.82 of the Fair Fund from the JPMorgan Escrow Account to the Fund Administrator's account at Citibank, N.A," and the distribution of "such monies to eligible customers as provided for in the Plan."
34-80232
13-Mar-2017
Administrative Proceeding
Order Directing Third Disbursement of Fair Fund
On March 13, 2017 the SEC instituted an Order directing the third disbursement of the fair fund in accordance to the Plan of Distribution approved on July 24, 2015. Following the first tranche distribution on November 23, 2016 and the second on February 22, 2017, the SEC stated in the present order that the "staff shall disburse $1,925,301.67 of the Fair Fund from the JPMorgan Escrow Account to the Fund Administrator's account at Citibank, N.A., and that the Fund Administrator shall distribute such monies to investors as provided for in the Plan."
34-81571
11-Sep-2017
Administrative Proceeding
Order Directing Fourth Disbursement of Fair Fund
"Accordingly, it is hereby ORDERED, that Commission staff shall disburse $8,954,411.01 of the Fair Fund from the JPMorgan Escrow Account to the Fund Administrator's account at Citibank, N.A., and that the Fund Administrator shall distribute such monies to investors as provided for in the Plan."
34-81695
25-Sep-2017
Administrative Proceeding
Order Directing Fifth Disbursement Of Fair Fund
According to the SEC: "it is hereby ORDERED, that Commission staff shall disburse $681,809.94 of the Fair Fund from the JPMorgan Escrow Account to the Fund Administrator's account at Citibank, N.A., and that the Fund Administrator shall distribute such monies to investors as provided for in the Plan."
34-87123
26-Sep-2019
Administrative Proceeding
Order Directing Sixth Disbursement of Fair Fund
The Commission stated: "[I]t is hereby ORDERED, that: A. The Commission staff shall disburse all of the remaining Fair Fund from the JPMorgan Escrow Account, in the approximate amount of $30,044,647.78, to the Fund Administrator's account at Citibank, N.A.; and B. The Fund Administrator shall then distribute a total of $31,110,431 to investors as provided for in the Plan."
34-100526
12-Jul-2024
Administrative Proceeding
Order Authorizing the Transfer to the U.S. Treasury of the Remaining Funds and Any Funds Returned to the Fair Fund in the Future, Discharging the Fund Administrator, Canceling the Administrator's Bond, and Terminating the Fair Fund
The Commission ordered that: "A. the Fair Fund’s remaining funds that are infeasible to return to investors and any funds returned to the Fair Fund in the future that are infeasible to return to investors, shall be transferred to the U.S. Treasury . . . ;
B. the Fund Administrator, Epiq Class Action and Claims Solutions, Inc., is discharged;
C. the Fund Administrator’s bond is canceled; and
D. the Fair Fund is terminated."
