SEC settles charges with Tradition for RegSHO violations

The US Securities and Exchange Commission settled charges with Tradition Securities and Derivatives. The charges state that Tradition willfully violated a RegSHO rule more than 1,000 times by mismarking short sales as long sales and failed to obtain a locate prior to effecting a short sale for its customers, or effecting a short sale in an equity security for its principal account. And because Tradition did not obtain locates, it also failed to document its compliance.

The broker-dealer will pay disgorgement of $841,627 and prejudgment interest of $104,205, as well as a civil money penalty in the amount of $841,627.


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