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Jefferies to pay $4M under SEC's pre-released ADR probe

Dec. 09, 2019 1:49 PM ETJefferies Financial Group Inc. (JEF) StockJEFBy: Liz Kiesche, SA News Editor
  • About a year ago JPMorgan Chase and Citi settled with the U.S. Securities and Exchange Commission over charges that they improperly handled pre-released American Depositary Receipts. Now it's Jefferies Financial Group's (JEF -0.7%) turn.
  • The firm will pay almost $4M to settle the charges.
  • The SEC’s order finds that Jefferies improperly borrowed pre-released ADRs from other brokers when Jefferies should have known that those brokers didn't own the foreign shares needed to support those ADRs. The order also finds that it failed to reasonably supervise its securities lending desk personnel concerning borrowing pre-released ADRs from these brokers.
  • This is 14th SEC enforcement action against a bank or broker resulting from its investigation into abusive ADR pre-release practices, which has thus far resulted in monetary settlements of more than $431M.

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