NEW YORK, Sept 13 (Reuters) - U.S. regulator Finra will fine a small New York brokerage as part of a $2.3 million settlement over alleged stock manipulation, the Financial Times reported on Monday, citing people familiar with the action.
The expected settlement by the Financial Industry Regulatory Authority, or Finra, is related to "layering," the placing and then canceling of multiple orders within seconds before a real order is entered to profit from artificially inflated or deflated stock prices, the FT said.
Trillium will pay a $1 million fine and disgorge more than $173,000 as part of the settlement, the FT said. Nine traders and two managers will be fined up to $220,000 and be suspended from the industry for up to two years, the newspaper said. (Reporting by Herbert Lash; Editing by Theodore d'Afflisio)