Defendant Name:
INTL FCStone Inc.
Defendant Type:
Public Company
SIC Code:
6211
CUSIP:
46116V10
Document Reference:
34-77596
Document Details
Legal Case Name
In the Matter of INTL FCStone Inc.
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
12-Apr-2016
Document Format
Administrative Proceeding
AAER
3764
Allegation Type
Issuer Reporting and Disclosure
Document Summary
On April 12, 2016, the SEC instituted settle cease-and-desist proceedings against INTL FCStone Inc. According to the SEC: "This matter arises from INTL FCStone's violations of the reporting, books and records, and internal control provisions of the Exchange Act. Between fiscal year 2010 and June 30, 2013, INTL FCStone overstated its operating revenues by $10 million and its net income by $6 million as a result of accounting errors in recording and reporting over-the-counter ('OTC') derivative trading gains at a subsidiary, INTL FCStone Markets, LLC ('IFM'). INTL FCStone's internal accounting controls failed to timely prevent or detect the accounting errors. In January 2014, INTL FCStone restated its financial statements, determined that certain of its controls were not designed or operating effectively, and reported the existence of a material weakness in internal control over financial reporting ('ICFR') as of September 30, 2013."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$150,000.00
Shared:
