FINRA (formerly the NASD) recently announced that BGC Financial, L.P. (a FINRA broker-dealer based in New York City ) was censured and fined $10,000. Without admitting or denying the findings, BGC Financial consented to the entry of findings that it failed, within 90 seconds after execution, to transmit last sale reports of transactions in designated securities to the FINRA/NASDAQ Trade Reporting Facility (TRF). The findings further stated that BGC Financial failed to report the correct symbol indicating the capacity in which it executed transactions in reportable securities to the TRF, and also failed to report the correct execution time for transactions in reportable securities. This is not the first time that BGC Financial has been investigated by a regulatory agency for possible securities violations or securities fraud.
According to the firm’s FINRA Broker Report (CRD), BGC Financial has been the subject of at least 6 regulatory investigations for violations of securities laws.
If you have questions about investments you made with BGC Financial or believe that you are the victim of a securities fraud, the Law Offices of David A. Carter may be able to help. David A. Carter is a South Florida based securities fraud attorney that reviews securities fraud cases throughout the country and Florida, including securities fraud cases in Delray Beach, Boynton Beach, Boca Raton, Fort Lauderdale, West Palm Beach, Jupiter, and Vero Beach. For more information, please contact us at 561-750-6999, or email us at contact@carterpa.com.