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SEC accuses Los Angeles firm Wedbush Securities of market-access violations
SEC accuses Los Angeles firm Wedbush Securities of market-access violations

The U.S. Securities and Exchange Commission on Friday accused Wedbush Securities Inc., a Los Angeles investment firm, of illegally allowing thousands of anonymous overseas traders to make billions of dollars' worth of secret trades. The civil lawsuit comes on the heels of newly proposed reforms by the SEC on Thursday to make Wall Street trading more transparent and prevent rigged trading. Friday's legal action was filed in an administrative law court against Wedbush and two senior-level executives at the firm. Wedbush is one of the top five largest Nasdaq Stock Market traders with a monthly average trading volume of 30 billion shares, according to the lawsuit. The two...

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