August 7, 2014 / 7:11 PM / 4 years ago

U.S. government charges ex-ConvergEx CEO over trading fees

WASHINGTON, Aug 7 (Reuters) - The U.S. government filed criminal and civil charges against the former chief executive at one of ConvergEx Group LLC’s brokerage units on Thursday, saying he was responsible for deceiving customers with hidden fees.

The criminal and civil charges against former CEO Anthony Blumberg were announced by the U.S. Securities and Exchange Commission.

The SEC’s case was filed in a federal court in Newark, New Jersey. Details about the parallel criminal case were not immediately available, and a spokesman for U.S. Attorney Paul Fishman in New Jersey had no immediate comment.

The charges against Blumberg come after the brokerage company agreed to pay more than $150 million in December last year to resolve related criminal and civil charges that it had overcharged clients by millions of dollars and lied about the extra fees. (Reporting by Sarah N. Lynch; Additional reporting by Jonathan Stempel in New York; Editing by Eric Walsh)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below