The SEC today settled civil fraud charges against Knight Securities, once one of the largest Nasdaq market-makers. Without admitting or denying charges of failing to provide best execution to its customers, the broker-dealer, now known as Knight Equity Markets, agreed to pay more than $41 million in repayment of illegal profits, civil penalties and prejudgment interest. The company also agreed to pay $12.5 million to NASD to settle a similar suit. Additionally, the company also agreed not to commit any future violations of securities laws and to retain an outside compliance consultant to review its policies and procedures regarding best execution.
Nasdaq market-maker settles fraud charges with SEC
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