Unfortunately for the brokerage, regulators like the SEC and FINRA keep dredging up the distant past of two years ago, when the firm was perhaps a little more lax vis-à-vis market access. But that’s ancient history, history which, Wedbush would like to add, does not include any losses to anyone at any time, and for which it should really just get a pass.
Wedbush said the dispute largely focuses on certain correspondent firms and clients that held market-access accounts through Wedbush’s Advanced Clearing Services. Many of those accounts, Wedbush said, had been terminated nearly two years ago….
Further, Wedbush charged that in several respects regulators, including Finra and the SEC, are seeking to “impose additional regulatory requirements retroactively through enforcement proceedings without giving fair notice of their expectations in advance.”
“Wedbush Securities believes this approach is unfair and fails to serve the goals of securities regulation,” the company said.