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by Mike Caswell

Three U.S. regulators, including the U.S. Securities and Exchange Commission, have ordered Canaccord Genuity LLC to pay a combined $75-million for failing to properly supervise trades involving trillions of shares in low-priced, over-the-counter securities. (All figures are in U.S. dollars.) According to the SEC, the firm failed to monitor internal reports designed to detect manipulative practices such as marking the close. On top of that, some employees falsified reports related to reviews, the SEC claims.

The penalties for Canaccord are contained in administrative orders released on Friday, March 6. The penalties include a $20-million fine from the SEC, a $20-million fine from the Financial Industry Regulatory Authority (better known as FINRA) and a $75-million penalty from the Financial Crimes Enforcement Network, with the $75-million amount to be offset by the payouts to the SEC and FINRA. The penalties represent negotiated settlements. The settlements include an extra $5-million penalty as well, but that amount will only be payable if Canaccord fails to file backdated reports.

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