SEC fines broker $125,000 for halting GameStop trades for 10 minutes, then denying it happened

The 2021 GameStop inventory surge (opens in new tab) seems to have obtained a new lease of daily life in the latest months. Initial, a person of the hedge resources that took a big quick placement towards the stock announced it was to close (opens in new tab). And now, the US Securities and Exchange Fee (SEC) has concluded an investigation (opens in new tab) into an online brokerage and its co-founder—and slapped them with a mixed $125,000 in fines for a 10-moment restriction on investing so-referred to as meme shares.

The SEC charged broker-supplier TradeZero The usa Inc. and co-founder Daniel Pipitone with “falsely stating to the firm’s shoppers that they didn’t prohibit the customers’ purchases of meme stocks when in reality they did.” And how!