News

Three securities regulators assessed a combined $38 million in penalties against one of the largest traders of microcap stocks in the U.S. for missing dozens of potentially fraudulent schemes and failing to screen hundreds of millions of dollars worth of high-risk transactions. On Monday, the Financial Industry Regulatory Authority, or FINRA, found that over a period of several years, Interactive Brokers grew to become one of the largest electronic broker-dealers in the U.S. but most of that time assigned only four to six anti-money laundering staff to screen transactions from thousands of foreign clients through a largely manual process. Connecticut-based...