简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:The U.S. Securities and Exchange Commission on Tuesday said the online brokerage TradeZero America Inc and its co-founder settled civil charges they falsely told customers that they did not restrict purchases of volatile "meme" stocks last year.
The U.S. Securities and Exchange Commission on Tuesday said the online brokerage TradeZero America Inc and its co-founder settled civil charges they falsely told customers that they did not restrict purchases of volatile “meme” stocks last year.
The settlement calls for TradeZero and Daniel Pipitone, 47, both from the New York City borough of Brooklyn, to retain an independent compliance consultant for two years and pay respective penalties of $100,000 and $25,000, without admitting wrongdoing.
Lawyers for the defendants did not immediately respond to requests for comment.
The case arose from last year's social media-fueled frenzy for stocks such as AMC Entertainment Holdings Inc (AMC.N), GameStop Corp (GME.N) and Koss Corp (KOSS.O), from investors using online forums such as Reddit and Twitter.
According to the SEC, TradeZero halted trading in AMC, GameStop and Koss for about 10 minutes on Jan. 28, 2021, at the direction of its clearing broker, but later told investors it had resisted the halts.
The SEC said Pipitone said in an “Ask Me Anything” session on Reddit that “our clearing firm tried to make us block you and we refused” and that he told the clearing broker “theres NO WAY we are shutting these off.” It also said TradeZero issued a press release promoting its resistance to trading restrictions.
Over a 36-hour period including the trading halt, Pipitone's statements and the press release, TradeZero new account applications were more than 200 times its daily average over the prior year, the SEC said.
“This case sends a powerful message that participants in our capital markets cannot exploit market turbulence to deceive customers,” Melissa Hodgman, associate director of the SEC's enforcement division, said in a statement.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Trive is a Malta-based trading platform that has been operating for approximately 5-10 years. It is regulated by MFSA.
In the world of online trading, success is not just about making profitable trades—it's also about effectively managing risk. One of the most crucial aspects of risk management is setting stop loss and take profit points, as well as determining appropriate leverage levels.
Tickmill has integrated SoFinX's platform to enhance its copy trading services, promising a superior trading experience.
Early summer in Hong Kong saw the sun shining over the sparkling waters of Victoria Harbour, much like the bright ideas shaping the future of the financial industry. Today (May 17), the highly anticipated financial event, The WIKI FINANCE EXPO HONG KONG 2024 concluded successfully at SKY 100 in ICC, Tsim Sha Tsui, Kowloon, Hong Kong. Organized by WikiGlobal, this financial technology extravaganza gathered top figures from the global financial sector to explore the development and future trends of financial technology.