Securities Lawyers Blog
The securities attorneys at Gana Weinstein LLP represent investors in their disputes with brokerage firms, such as Virtu Americas LLC. Our firm can analyze your accounts and investments in order to determine if there was any broker misconduct in the handling of your accounts. Our analysis can reveal whether an investor has been a victim of misconduct such as unsuitable investments, unauthorized trading, excessive trading, or investment fraud.
Virtu Americas is a broker-dealer that makes markets with its own capital in United States equities, options, exchange-traded funds, and fixed income, and provides agency execution services including algorithmic trading, order routing, institutional sales trading, and an equities alternative trading system. Formed in Delaware in 2009, the firm is a clearing member of major United States stock exchanges including the New York Stock Exchange and is ultimately owned by Virtu Financial through Virtu Strategic Holdings.
Virtu Americas LLC – By the Numbers:
- CRD #: 149823
- Regulatory Events: 74
- Broker Employees: 339
Virtu Americas LLC – In the News:
FINRA v. Virtu Americas LLC (Case #2020068985002) – From March 2020 until August 2022, Virtu failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with the firm’s limit order display obligations. As a result, Virtu violated FINRA Rules 3110 and 2010. For these violations, Virtu is censured and fined $100,000, of which $20,000 shall be paid to FINRA.
FINRA v. Virtu Americas LLC (Case #2020066700205) – Between October 2019 and July 2021, Virtu violated Rule 611(c) of Regulation National Market System (NMS) of the Securities Exchange Act of 1934 and FINRA Rule 2010 by failing to take reasonable steps to establish that 88,500 intermarket sweep orders (ISOs) routed by the firm to certain market centers met the requirements for ISOs. For these violations, Virtu is censured and fined $6,930.
FINRA v. Virtu Americas LLC (Case #2018057277201) – From November 2017 to May 2022, Virtu failed to establish, document, and maintain its system of risk management controls to demonstrate that it was reasonably designed to prevent the entry of erroneous orders and failed to establish, document, and maintain a system for regularly reviewing the effectiveness of its risk management controls and supervisory procedures. Specifically, Virtu did not reasonably document its system of risk management controls to demonstrate that certain controls were reasonably designed. As a result, the firm was not able to reasonably evaluate the effectiveness of its risk management controls. Virtu also failed to establish and maintain a system of supervisory controls, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with Section 15(c)(3) of the Securities Exchange Act of 1934 (the Exchange Act). Accordingly, Virtu violated Section 15(c)(3) of the Exchange Act, Exchange Act Rules 15c3-5(b), 15c3-5(c)(1)(ii), and 15c3-5(e)(1), and FINRA Rules 2010 and 3110(a) and (b). For this conduct, Virtu is censured and fined $84,375.
FINRA v. Virtu Americas LLC (Case #2018059519001) – Between May 2017 and February 2022, Virtu violated FINRA Rules 5210 and 2010 by overstating its advertised trade volume on two subscription-based providers of market data in approximately 110,500 instances by approximately 17.1 billion shares. During the same period, the firm violated FINRA Rules 3110 and 2010 by failing to maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 5210.
FINRA v. Virtu Americas LLC (Case #2016052398201) – Between October 2013 and April 2018, the firm violated FINRA Rules 7450 and 2010 by failing to comply with its Order Audit Trail System (OATS) reporting obligations. Specifically, the firm (a) transmitted more than 1.5 billion ROEs to OATS containing incorrect information; (b) transmitted more than 71 million execution reports to OATS that failed to match media trade reports; (c) failed to report more than 2 million ROEs to OATS; and (d) failed to repair timely more than 3 million ROEs that OATS rejected due to errors. Additionally, between October 2013 and April 2018, the firm violated NASD Rule 3010 and FINRA Rules 3110 and 2010 by failing to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with FINRA Rule 7450.
Our attorneys have successfully represented hundreds of investors in investment disputes with their brokers and brokerage firms. Our consultations are free and we welcome all inquiries.