New Jersey Bureau of Securities Sanctions Interactive Brokers LLC for Failure to Supervise

The New Jersey Bureau of Securities announced that it has resolved its investigation of the online broker dealer Interactive Brokers LLC of Greenwich, CT (“Interactive”) relating to fraudulent trading activity and securities fraud Interactive permitted on its online trading platform. Interactive has agreed to pay a $100,000 penalty to the Bureau of Securities and reform its opening account procedures for investors looking to sign up with the broker dealer in the future. The New Jersey Bureau of Securities investigation of the broker dealer Interactive arose from the fraudulent trading activity conducted by a former investment advisor Peter Zuck of Middletown, NJ, through his hedge fund, Osiris Fund LP of Jersey City, NJ. The former investment advisor Zuck operated the hedge fund from April 2009 through December 2011. According to the New Jersey Bureau of Securities, while Zuck promoted his hedge fund as a conservative trading fund, in reality his team conducted the…

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