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Wedbush charged with supervisory failure; second SEC charges this year

( March 27, 2018, 19:56 GMT | Official Statement) -- MLex Summary: In the second action against Wedbush Securities this year, the US Securities and Exchange Commission charged the firm for failing to supervise employee Timary Delorme after ignoring numerous red flags indicating she was involved in a long-running pump-and-dump scheme targeting retail investors. The SEC found that Delorme, who agreed to pay a $50,000 penalty, received undisclosed benefits for investing her customers in microcap stocks that were the subject of a “pump-and-dump” scheme. Wedbush earlier paid $2.8 million to the SEC and Finra to settle consumer-protection allegations.Statement follows below:...

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