Ignoring the obvious wrong doing there is an element of bias at play here:<p>>microcap securities<p>If you want to trade non-mainstream stuff at decent rates IB is the main game in town. Which naturally makes them home for a more eclectic crowd.<p>You can't go to your local community bank and say you want to buy shares in the maker of Cyberpunk 2077...on the Warsaw exchange. IB you can.<p>Different risk profile...and that exposure comes with fkups
I haven’t used it as it, but Interactive Brokers is something like 10-100x cheaper if you need to wire cash from US to your country when compared with Transferwise and such.
I don’t know much about Interactive Brokers, but compare this fine with the measly fine (13k) issued to Smithfield for workplace safety violations which lead to thousands of cases of covid and 4 employee deaths. Why are the fines for financial noncompliance like this orders of magnitude higher than fines for killing people?
It's good to see the SEC doing its job. It's not enough but it's progress. Ultimately, we need to bring back accountability by abolishing corporate personhood.<p>If corporations were treated the same as people, most of them would be incarcerated for life or on death row by now. The current approach of fining them gives them unlimited chances to illegally exploit the system.<p>If I profited from doing something illegal, I would be jailed as an accomplice. If a corporation does it, the executives can simply claim that they didn't know. This is fundamentally unfair.<p>The result is that nobody is responsible for any of the millions of bad things which happen in the world. Those who implement or are aware of the wrongdoings (the employees) don't have the power to change anything. This lack of responsibility is especially dangerous in our technology-driven age.
Is there is some objective way that the SEC or FINRA detected activity that IB failed to report? If so does there exist an opportunity for software or systems that automate this for market participants? Suspicious Activity as a Service (SAaaS)?
> Firm Will Pay a Total of $38 Million in Penalties to Settle With Regulators<p>$38 million!?!? That's a expensive mistake for not submitting some paperwork that should be automated.<p>I'd like to see a list of international government agencies and what they can/do charge for penalty fines. I suspect that the United States SEC sets a high bar compared to some of the smaller fines I've seen elsewhere. GDPR appears to be one of the top contenders<p><a href="https://www.tessian.com/blog/biggest-gdpr-fines-2020/" rel="nofollow">https://www.tessian.com/blog/biggest-gdpr-fines-2020/</a>