Wedbush To Pay $8.1M To Settle SEC's ADR Handling Claims

(PR) -- Wedbush Securities made the following statement with regard to its resolution of an administrative proceeding involving the SEC.

Without admitting or denying the SEC's findings, Wedbush resolved a claim relating to its "pre-release" American Depository Receipt activities from November 2011 through September 2013. 

Wedbush is one of 10 other firms that have reached settlements with the SEC relating to what has been described as an "industry-wide" investigation into pre-release ADRs.

The SEC order recognized that Wedbush voluntarily ended its pre-release ADR business in late 2013, before the beginning of SEC's inquiry, and cooperated with the SEC throughout its investigation. 

"Wedbush takes seriously its obligations under the securities laws and we are pleased to resolve this matter relating to conduct that we voluntarily ceased in 2013. This is one of several legacy regulatory matters that our leadership team has sought to resolve so that we can continue to focus on serving our clients to the best of our ability," stated Co-Presidents Rich Jablonski and Gary Wedbush.


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