Violation Tracker Individual Record

Company: 
Knight Securities, L.P.
Current Parent Company: 
Virtu Financial
Penalty: 
$12,500,000
Year: 
2004
Date: 
December 16, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

NASD found that Knight's former leading institutional sales trader priced trades in a manner contrary to customers' expectations and industry custom, using deceptive trading practices to disguise his pricing and the amount of Knight's profits. The NASD fine was part of a larger settlement involving the SEC; see https://violationtracker.goodjobsfirst.org/violation-tracker/-knight-sec...

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
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: 
financial services
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).

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.