The SEC stated: "This matter relates to false and misleading statements by Defendant VFI and its subsidiary VAL, an SEC registered broker-dealer that processes approximately 25% of market orders placed by retail investors in the U.S., and VAL’s associated failure to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of material, nonpublic information (“MNPI”)."

On September 12, 2023, the SEC stated that: "[It] filed charges against broker-dealer Virtu Americas LLC and its parent company, Virtu Financial Inc. (collectively, Virtu), for making materially false and misleading statements and omissions regarding information barriers to prevent the misuse of sensitive customer information."

On January 12, 2024, the SEC submitted an amended complaint against Virtu Financial Inc. for their "failure to establish, maintain, and enforce policies and procedures reasonably designed to prevent the misuse of material, nonpublic information" and multiple false statements related to this failure.