Two former Cantor Fitzgerald LP brokers were sued by U.S. securities regulators over claims that they secretly split trading commissions, bypassing the firm’s compensation policies.
The Securities and Exchange Commission filed the suit against Adam Mattessich of New York and Joseph “Jay” Ludovico of Brooklyn, in New York federal court June 29. They are accused of working with another trader on Cantor’s international equities desk to circumvent a 2002 decision by Mattessich’s supervisor to deny his request for commissions on transactions in certain customer accounts he serviced.
Cantor Fitzgerald also agreed to pay a $1.25 million penalty for failing to ...
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