SEC continues pursuit of ADR violations
The SEC has announced that broker Cantor Fitzgerald & Co. will pay more than $647,000, and broker BMO Capital Markets Corporation will pay over $3.9 million to settle charges of improper handling of "pre-released" American Depositary Receipts (ADRs). "The SEC continues to hold accountable parties that abused the ADR markets over an extended period of time," said Sanjay Wadhwa, Senior Associate Director for Enforcement in the SEC's New York Regional Office. "U.S. investors who invest in foreign companies through ADRs have a right to expect that market professionals aren't gaming the system."
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