Defendant Name:
TD Securities (USA) LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
The Toronto-Dominion Bank
SIC Code:
6021
CUSIP:
89116050
Document Reference:
33-11314
Document Details
Legal Case Name
In the Matter of TD Securities (USA) 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
30-Sep-2024
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
On September 30, 2024, the SEC instituted settled administrative and cease-and-desist proceedings against TD Securities (USA) LLC, stating: "From April 2018 to May 2019 (the "Relevant Period"), a trader employed by TDS in its U.S. Treasury trading desk (the "Trader") engaged in hundreds of instances of "spoofing" in the U.S. Treasury cash market. This entailed creating the false appearance of buy or sell interest by entering orders on one side of the market, which the Trader had no intention of executing, to obtain more favorable execution prices on bona fide orders on the other side of the market. To mask his true intentions, the Trader employed so called "iceberg" orders, which hid from the market the true size of the bona fide orders. Once these iceberg orders were successfully filled, in whole or in part, the Trader would cancel the non-bona fide buys or sells."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
$400,000.00
Shared:
Civil Penalty
Individual:
$6,500,000.00
Shared:
Pre-Judgment Interest
Individual:
$135,700.00
Shared:
