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Banca IMI Pleads Guilty to ADR Bid-Rigging

May 22, 2019 by Louis Chunovic

Banca IMI Pleads Guilty to ADR Bid-Rigging

Banca IMI Securities Corp., a New York broker-dealer, has pled guilty to an antitrust charge and been sentenced to pay a criminal penalty “in excess of $2 million for its involvement in a bid-rigging conspiracy for certain financial instruments,” the U.S. Department of Justice reports. Those financial instruments are pre-release American Depository Receipts (ADRs), which… Read More >>

Filed Under: Securities Operations, Buy-Side, Case Studies, Middle-Office, Operational Risk, Reconciliation & Exceptions, Risk Management, Governance, FinTech Trends, Back-Office, Integration, Standards, KYC, AML/Fraud/Financial Crime, Regulation & Compliance, Regulatory Reporting, Industry News Tagged With: American Depository Receipts (ADRs), antitrust charge, Banca IMI, broker-dealer, penalty, U.S. Department of Justice, U.S. Securities and Exchange Commission

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