Violation Tracker Individual Record

Company: 
ConvergEx Group
Current Parent Company: 
Cowen Inc.
Penalty: 
$107,424,429
Year: 
2013
Date: 
December 18, 2013
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

Three brokerage subsidiaries of ConvergEx Group agreed to pay more than $107 million to settle allegations that many of their institutional clients were caused to pay substantially higher amounts than disclosed for the execution of trading orders.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
New York
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment management and brokerage services
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.