Defendant Name:
Instinet, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Nomura Holdings, Inc.
SIC Code:
6211
CUSIP:
65535H20
Document Reference:
34-71191
Document Details
Legal Case Name
In the Matter of Instinet, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934 and Section 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
26-Dec-2013
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
According to the SEC: "From January 2009 through July 2010, Instinet paid approximately $430,000 in client commission credits called 'soft dollars' as requested by its customer, J.S. Oliver Capital Management, L.P. ('JS Oliver'), a San Diego-based investment adviser, for expenses that JS Oliver had not properly disclosed to its clients. The improper payments included $329,365 to the ex-wife of JS Oliver's president, Ian O. Mausner; thirteen months of increased rent payments totaling $65,000 for JS Oliver's offices at Mausner's home; and two payments totaling $40,094.54 for upkeep on Mausner's New York City timeshare."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Compliance Related Independent Consultant
Various undertakings
Monetary Penalties:
Disgorgement
Individual:
$378,673.76
Shared:
Civil Penalty
Individual:
$375,000.00
Shared:
Pre-Judgment Interest
Individual:
$59,607.66
Shared:
