WASHINGTON, Dec 18 (Reuters) - Three units of the brokerage
ConvergEx will pay more than $150 million to settle criminal and
civil charges that they lied about costs and overcharged certain
institutional clients, U.S. authorities announced on Wednesday.
The U.S. Securities and Exchange Commission said the company
will pay more than $107 million and admit to wrongdoing as a
condition of the civil settlement.
In addition, the Justice Department announced that ConvergEx
Group LLC will also pay $43.8 million in criminal penalties and
In addition, the SEC and the Department of Justice said two
former employees of the company, Jonathan Daspin and Thomas
Lekargeren, were charged for criminal and civil violations.
Both men pleaded guilty to the criminal charges and settled
the SEC's charges.