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Violation Tracker Individual Record

Company: ConvergEx Group LLC
Current Parent Company: Toronto-Dominion Bank
Parent at the Time of the Penalty Announcement:  subscribe to see this data field
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Penalty: $43,800,000
Year: 2014
Date: November 19, 2014
Offense Group: competition-related offenses
Primary Offense: fraud
Violation Description: A brokerage subsidiary of ConvergEx Group LLC was ordered to pay a criminal penalty and restitution for wire fraud and conspiracy to commit securities and wire fraud in connection with a scheme to charge clients millions of dollars in unwarranted and hidden fees. CGM Limited and its parent company, which entered into a deferred prosecution agreement on Dec. 18, 2013, were required to pay a criminal penalty of approximately $18.0 million, forfeit approximately $12.8 million, and provide customer restitution of $12.8 million, for a total of $43.8 million.
Level of Government: federal
Action Type: agency action
Agency: Justice Department Criminal Division
Civil or Criminal Case: criminal
Prosecution Agreement: plea & deferred prosecution agreement
HQ Country of Current Parent: Canada
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.