Violation Tracker Individual Record

Company: 
Banca IMI Securities Corp.
Current Parent Company: 
Intesa Sanpaolo
Penalty: 
$35,300,000
Year: 
2017
Date: 
August 18, 2017
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Banca IMI Securities Corp., an indirect, wholly-owned U.S. subsidiary of Italian bank Intesa Sanpaolo SpA, agreed to pay more than $35 million to settle allegations that it violated federal securities laws when it requested the issuance of and received American Depositary Receipts without possessing the underlying foreign shares.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Italy
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.