Posted by: youngragingbull | May 29, 2013

Word on the Street: Nasdaq hit with $10M fine

Nasdaq OMX Group has been charged with securities laws violations stemming from last year’s botched Facebook Inc. IPO and fined $10 million by the Securities and Exchange Commission on Wednesday.

The SEC said in a statement that the violations resulted from ‘poor systems and decision making’ by officials at the Nasdaq during Facebook’s first day of trading.

The $10 million penalty is the largest ever charged against a securities exchange, according to the SEC.

 

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