A U.S. subsidiary of an Italian bank agreed to pay over $35 million to settle SEC charges of violating securities laws through illegal issuance of certain American Depositary Receipts.
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Broker ITG Inc. agreed to pay $24.4 million to settle SEC charges alleging that it had prompted the issuance of American Depository Receipts without first obtaining the underlying foreign shares.
The SEC Office of Investor Education and Advocacy provided guidance on investing in American Depository Receipts.