SEC Alleges Virtu Financial's False Disclosures and Customer Information Leakage
The Securities and Exchange Commission (SEC) has charged Virtu Americas LLC and its parent company, Virtu Financial Inc., for making false and misleading statements regarding information barriers to prevent the misuse of sensitive customer information. The SEC alleges that Virtu Americas failed to safeguard a database containing customer orders and other nonpublic information, which was accessible to virtually anyone within the company. During this period, Virtu misled customers about the existence and adequacy of information barriers. The SEC seeks permanent injunctive relief, disgorgement, and civil penalties.