TD Bank to pay more than US$20M over ‘spoofing’ charges – National

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

TD Bank to pay more than US$20M over ‘spoofing’ charges – National

Descrease article font size

Increase article font size

The U.S. broker-dealer unit of Toronto Dominion Bank TD.TO has agreed to pay over $20 million under a deal with U.S. authorities to settle charges that it manipulated the U.S. Treasuries market.

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

TD Securities USA, part of Canada’s second-largest bank, admitted to spoofing the U.S. Treasuries market as part of a deal with the U.S. Justice Department that will end a long-running probe into manipulation, according to a court filing on Monday. TD Securities also settled related civil charges from the Securities and Exchange Commission, the SEC said separately.

In addition to the manipulation charges, the bank was charged with failing to supervise the then-head of its U.S. Treasuries trading desk, authorities said.

Between April 2018 and May 2019, the then-employee sought out better trades in the U.S. Treasury cash securities market by entering orders he did not intend to ******** in a tactic known as “spoofing,” authorities said.

Story continues below advertisement

This is the hidden content, please

• Sign In
• or
• Sign Up

/applications/core/interface/js/spacer.png">

3:06
Business Matters: TD Bank sets aside $450 million for U.S. anti-money laundering probe fine

U.S. authorities have aggressively gone after the practice, which is designed to create a false appearance of demand.

Trending Now

• data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

  Georgia judge strikes down state law that bans abortions at 6 weeks

• data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

  ‘Rust’ armorer’s involuntary manslaughter conviction upheld in fatal *********

data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///ywAAAAAAQABAAACAUwAOw==

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Under the terms of TD’s agreement, prosecutors will hold off prosecuting the firm so long as it complies with the three-year deal and overhauls compliance. Based on the company’s remediation of the issues, the DOJ decided against installing a third-party monitor to police compliance.

The bank will pay a $12.5 million ********* penalty to resolve civil investigations by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority.

That comes on top of an approximately $9.5 million ********* penalty related to the agreement. The bank has also agreed to pay $4.7 million in victim compensation and $1.4 million in forfeiture.

The settlement comes as the ********* lender nears a deal to plead guilty to separate government charges that TD’s U.S. retail bank possibly ******* to curb money laundering tied to ******** ****** groups and illicit fentanyl sales, according to a Wall Street Journal report last week.

Story continues below advertisement

Reporting by Chris Prentice and Jonathan Stempel in New YOrk and Pritam Biswas in Bengaluru; Editing by Alan Barona and Leslie Adler

More on Money
More videos

This is the hidden content, please

• Sign In
• or
• Sign Up

#Bank #pay #US20M #spoofing #charges #National

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up