Citi’s LavaFlow Pays $5M To Settle SEC Data Leak Charges

Law360, New York (July 25, 2014, 12:13 PM ET) — Citigroup Inc. unit LavaFlow Inc., a leading alternative trading platform, on Friday agreed to pay $5 million to settle U.S. Securities and Exchange Commission charges of failing to protect confidential trading data, marking the latest action regulators have taken against off-exchange trading venues.

The case was filed as a settled administrative proceeding with LavaFlow not admitting or denying wrongdoing. Of the settlement figure, the firm will pay a $2.85 million penalty, which the SEC said is its largest to date against an alternative trading system….

Source: Law 360

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