Lek Securities Challenges Half-Million NYSE Fine, SEC Review

Lek Securities Corp. challenged discipline imposed by the New York Stock Exchange and upheld by the Securities and Exchange Commission, filing a petition for review by a federal appeals court.

The broker-dealer contested a series of alleged rule violations and subsequent penalties, including a $575,000 fine levied by regulators in 2012.

The SEC’s decade-long delay in reviewing those penalties violated the company’s constitutional right to due process, according to the petition filed Tuesday in the US Court of Appeals for the District of Columbia Circuit.

Lek alleged that the SEC erroneously found that Lek violated NYSE rules by directing customer ...