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5 years ago
Interactive Brokers to pay $700,000 to settle CFTC charges
July 25, 2012 / 7:24 PM / 5 years ago

Interactive Brokers to pay $700,000 to settle CFTC charges

WASHINGTON, July 25 (Reuters) - Interactive Brokers LLC agreed to pay a $700,000 penalty to settle charges by the Commodity Futures Trading Commission that it violated reporting rules and failed to "diligently" supervise its handling of accounts, the agency said on Wednesday.

The CFTC found that Interactive repeatedly failed to aggregate positions for related accounts that it reported to the CFTC from 2008 through 2012. The broker also failed to take reasonable steps to correct its automated system after it learned that the system was failing to identify and aggregate related accounts, the order finds, the CFTC said. (Reporting By Alexandra Alper; Editing by Gary Hill)

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