SEC Charges CEO Of ConvergEx In "Fraudulent Scheme"

Mark Melin

Published onFebruary 10, 2015

Updated on May 13, 2021

High frequency trading operation not too transparent in an otherwise transparent market

The CEO of global investment firm and high frequency trading dark pool operator, ConvergEx Group, has settled with the Securities and Exchange Commission, agreeing to pay more than $783,000 and admit wrongdoing in a case involving employees under his control misleading customers regarding trading costs in what the SEC termed a "Fraudulent Scheme."

Table of Contents

ConvergEx scheme caused customers to pay higher commissions

Craig S. Lax was CEO of CovergEx when one of its subsidiaries “engaged in a scheme that caused customers to pay substantially higher”...

Login required to continue reading.

Setup a free account to get access to this article (no credit card required).

View Full Article

Already a member? Log in here

Mark Melin

Mark Melin is an alternative investment practitioner whose specialty is recognizing the impact of beta market environment on a technical trading strategy. A portfolio and industry consultant, wrote or edited three books including High Performance Managed Futures (Wiley 2010) and The Chicago Board of Trade’s Handbook of Futures and Options (McGraw-Hill 2008) and taught a course at Northwestern University's executive education program.

SEC Charges CEO Of ConvergEx In "Fraudulent Scheme"

High frequency trading operation not too transparent in an otherwise transparent market

ConvergEx scheme caused customers to pay higher commissions

Login required to continue reading.

Get Your Business News