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E*Trade Securities Censured, Fined $900k for Trade Review & Supervisory Failures, Failure to Ensure Protection of Confidential Info

FINRA fined E*Trade Securities, LLC $900,000 and censured the firm for multiple violations related to its assessment and review practices concerning customer orders, further finding that the firm lacked adequate supervisory systems and controls in place to ensure that there was no misuse of customer confidential order information by individuals dually registered wth E*Trade and an affiliate market maker called G1 Execution Services (G1X).

FINRA AWC for E*Trade Securities LLC, 6/2/16

Investigators found that E*Trade's Best Execution Committee did not possess sufficiently accurate information as to reasonably assess execution quality for its customers' orders, writing that the Committee failed to account for internalized order flows sent to G1X, failed to consider actual execution quality provided by market centers, and regularly accepted G1X's requests to change order prioritization and to redirect certain order flow without first determining whether such changes would improve execution quality for E*Trade customers.

In all, FINRA concluded that E*Trade's inadequate systems interfered with the firm's ability to determine and ascertain the best market for its customers, further finding that the firm's deficient supervisory systems and controls failed to ensure that there was no misuse of confidential customer order information by individuals dually registered with G1X.

If you have invested with E*Trade Securities or with any firm whose deficient or inadequate systems and controls prevented quality market conditions, failed to adequately evaluate and scrutinize its affiliate market maker or liquidity provider's requests (ala G1X), or another action that was not in your best interests, and such deficient procedures or measures have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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