SEC sues Virtu Financial for failing to safeguard customer information
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NEW YORK, Sept 12 (Reuters) - The U.S. Securities and Exchange Commission (SEC) on Tuesday sued Virtu Financial , accusing the broker-dealer of failing to properly safeguard customers' confidential information.
The SEC in a complaint filed in Manhattan federal court said Virtu repeatedly and falsely told customers it used "information barriers" and "systemic separation between business groups" to protect their material non-public information.
The SEC said that in reality, virtually all employees at the Virtu Americas broker-dealer unit, which handles about 25% of market orders placed by U.S. retail investors, could access information about customers and their trades. (Reporting by Jonathan Stempel in New York; Editing by Mark Porter)
