Securities Lawyers Blog
The securities lawyers at Gana Weinstein LLP represent investors who have been mistreated by their brokers and suffered investment losses. Our firm is experienced in bringing claims against brokerage firms, such as Cantor Fitzgerald & Co., to hold Wall Street responsible for their misconduct. When a client contacts our firm they can expect that our attorneys will have the knowledge and ability to evaluate the potential claims and analyze their trading activity for red flags of misconduct. Our consultations are designed to help provide clients with all available options.
Cantor Fitzgerald & Co is a broker-dealer and futures commission merchant that provides investment banking and advisory services, trades equities, exchange-traded funds, corporate, government, mortgage-backed, and municipal securities and financial futures, and clears for correspondent customers. Organized as a New York limited partnership in 1992 and based at 110 East 59th Street in New York, the firm is a primary dealer in United States government securities and is 94 percent owned by its managing general partner Cantor Fitzgerald Securities, a majority-owned subsidiary of Cantor Fitzgerald LP.
Cantor Fitzgerald & Co. – By the Numbers:
- CRD #: 134
- Regulatory Events: 97
- Broker Employees: 836
Cantor Fitzgerald & Co. – In the News:
FINRA v. Cantor Fitzgerald & Co. (Case #2020068547301) – Between September 2017 and January 2022, Cantor violated Rule 104 of Regulation M of the Securities Exchange Act of 1934 and FINRA Rule 2010 in 12 instances by filing untimely notices of its intent to engage in syndicate covering transactions. Between February 2017 and January 2022, Cantor violated FINRA Rules 5190 and 2010 in 75 instances by filing untimely or inaccurate notifications with FINRA in connection with its participation in security distributions that were subject to Regulation M under the Exchange Act. From at least February 2017 to May 2024, Cantor also violated FINRA Rules 3110(a), 3110(b), and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with Regulation M-related notification rules. For these violations, Cantor is fined $73,000.
FINRA v. Cantor Fitzgerald & Co. (Case #2018057892601) – From July 2017 through May 2019, Cantor Fitzgerald failed to provide best execution with respect to 2,395 customer orders in OTC securities that it received from other broker-dealers by failing to use reasonable diligence to ascertain the best market for the subject securities and by failing to buy or sell in such market so that the resultant prices to the customers were as favorable as possible under prevailing market conditions. As a result, Cantor Fitzgerald violated FINRA Rules 5310 and 2010. From July 2017 through May 2019, the firm also failed to establish and maintain a supervisory system reasonably designed to achieve compliance with FINRA Rule 5310 best execution obligations for customer orders in OTC securities in violation of FINRA Rules 3110 and 2010.
FINRA v. Cantor Fitzgerald & Co. (Case #2020065104701) – From January 2020 to August 2020, Cantor published public quarterly reports on its handling of customers’ orders in National Market System (NMS) securities that failed to disclose required information and provided inaccurate and incomplete information. Therefore, the firm violated Rule 606(a) of Regulation NMS and FINRA Rule 2010. During the same period, the firm’s supervisory system, including written supervisory procedures (WSPs), was not reasonably designed to achieve compliance with Rule 606(a). By virtue of the foregoing, the firm violated FINRA Rules 3110 and 2010.
FINRA v. Cantor Fitzgerald & Co. (Case #2016050863601) – From April 1, 2016 through December 31, 2018 (the Review Period), the firm failed to implement policies and procedures that reasonably avoid displaying, or engaging in a pattern or practice of displaying, locking or crossing quotations in over-the-counter (OTC) Equity Securities, in violation of FINRA Rules 6437 and 2010. Moreover, during the Review Period and through May 15, 2019, the firm failed to establish, maintain, and enforce written supervisory procedures (WSPs) reasonably designed to achieve compliance with FINRA Rule 6437, in violation of FINRA Rules 3110 and 2010.
FINRA v. Cantor Fitzgerald & Co. (Case #2018059464001) – Between January 12, 2018 and July 13, 2018 (review period), Cantor inaccurately reported to FINRA 25,434 short interest positions, totaling 65,710,567 shares, when it should have reported 743 short interest positions totaling 10,504,989 shares.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.