Defendant Name:
TD Options LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Toronto Dominion Bank Ontario
SIC Code:
6029
CUSIP:
89116050
Document Reference:
34-59507
Document Details
Legal Case Name
In the Matter of TD Options LLC
Document Name
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
Document Date
04-Mar-2009
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On March 4, 2009 the SEC instituted settled administrative and cease-and-desist proceedings against TD Options LLC. The Commission stated "This matter involves violations by TD Options of its basic obligation as a specialist to serve
public customer orders over its own proprietary interests. As a specialist firm on each of the
Exchanges, TD Options 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. From 1999 through 2005 (the
“Relevant Period”), TD Options violated this obligation by filling orders through proprietary trades
rather than through other customer orders, thereby causing customer orders to be disadvantaged by
approximately $5 million."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
$5,000,000.00
Shared:
Civil Penalty
Individual:
$1,000,000.00
Shared:
