A former London Stock Exchange executive settled a Securities and Exchange Commission lawsuit over claims that he ran a chronically underfunded brokerage for college-age day traders.
The regulator on Wednesday sued Tony Weeresinghe and his Ustocktrade LLC, which operated an alternative platform marketed to students. The business wasn’t profitable and relied on cash infusions from Weeresinghe, the SEC claimed in its suit, filed in Manhattan federal court. The defendants agreed to pay a total of $85,000 in civil penalties to resolve the suit right away, according to court filings.
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