Defendant Name:
G1 Execution Services, LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
E*TRADE Financial Corp
SIC Code:
6211
CUSIP:
26924640
Document Reference:
33-9662
Document Details
Legal Case Name
In the Matter of E*Trade Securities, LLC and G1 Execution Services, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
09-Oct-2014
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On October 4, 2014, the SEC instituted settle administrative and cease-and-desist proceedings against E*Trade Securities, LLC and G1 Execution Services, LLC. According to the SEC: "These proceedings arise from Respondents' facilitation of thousands of unregistered sales of penny stocks by three institutional customers. During various periods between March 2007 and April 2011, these customers routinely deposited to their E*Trade accounts large quantities of newly issue penny stocks that they had acquired from little known, non-reporting issuers, through private transactions. The customers claimed that these penny stocks were 'freely tradable.' Shortly after the three customers deposited these securities, the customers placed orders for Respondents to sell these securities to the public ('resales') without any registration statement being in effect."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
Shared:
$1,402,850.00
Shared with: E*Trade Securities, LLC
Civil Penalty
Individual:
Shared:
$1,000,000.00
Shared with: E*Trade Securities, LLC
Pre-Judgment Interest
Individual:
Shared:
$182,166.00
Shared with: E*Trade Securities, LLC
Other Defendants in Action:
