SEC Charges Virtu for False and Misleading Disclosures Relating to Information Barriers
NEW YORK, Sept 12 (Reuters) - The U.S. Securities and Exchange Commission on Tuesday sued Virtu Financial (VIRT.O), opens new tab, a broker-dealer that handles 25% of all market orders placed by retail investors in the U.S., for misleading customers into believing it properly safeguarded their confidential information.
In a complaint filed in federal court in Manhattan, the SEC said Virtu repeatedly and falsely told customers that it used "information barriers" and "systemic separation between business groups" to protect their material nonpublic information.