The U.S. Commodities Futures Trading Commission announced Wednesday the result of joint enforcement action with the New York Attorney General’s Office in which two brokerage firms have agreed to pay a total of $25 million to state and federal regulators to avoid potential criminal charges and civil litigation over allegations that their employees used illegal methods to solicit consumer trading of foreign currencies.

The New York Attorney General’s Office said BGC Financial LP and GFI Securities LLC, had violated the state’s Martin Act, which is used to police fraudulent activity on Wall Street.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]