mpeterm77

When looking to understand what has been filed this week by the MMAT Trustee I thought it would be a good idea to look at some Background context. ALL 3 named defendants in the complaint, Citadel , Anson Funds and Virtu, have had some interesting dealings with the SEC, ON THE RECORD and all ONLY in the last 3 years. Here are some quick highlights and sources: 1. Citadel Securities: the @SECGov issued an administrative order on September 22, 2023. The Commission found that Citadel Securities "willfully violated Rule 200(g) of Regulation SHO," censured the firm, imposed a cease-and-desist order, and levied a $7 million penalty. - Over FIVE YEARS an estimated MILLIONS of sell orders were mismarked, and the inaccurate data was provided to regulators including the SEC (source: SEC Order 34-98482 sec.gov/files/litigation/adm… and press release sec.gov/newsroom/press-relea… ). 2. Virtu Americas: final consent judgment entered in S.D.N.Y. on December 2, 2025. Virtu Americas is now PERMANENTLY enjoined from violating Section 15(g) of the Exchange Act and paid a $2.5 million penalty, without admitting or denying (source: Reuters reuters.com/legal/government…; and Virtu's own 10-Q disclosure sec.gov/Archives/edgar/data/…). - Worth knowing the procedural history: the SEC's fraud claims under Securities Act §§ 17(a)(2) and (3) SURVIVED a motion to dismiss, then Judge Koeltl denied the motion in its entirety from the bench in August 2024, and the SEC then voluntarily dropped them in settlement (source: natlawreview.com/article/sec…) . 3. Anson Funds Management and Anson Advisors: SEC order, June 11, 2024. The Commission found Anson Advisors WILFULLY violated Advisers Act § 206(4) and Rule 206(4)-8, and Anson Funds willfully violated §§ 204 and 206(4) and Rules 204-2(a), 206(4)-7 and 206(4)-8. Censure, cease-and-desist, $2.25 million combined. - The conduct: coordinating with activist short publishers on the timing of bearish reports, trading around publication, and routing $1.1 million in profit-sharing to a publisher through a third-party intermediary via invoices for research services that were never performed (sources: SEC Order IA-6622 sec.gov/files/litigation/adm… ; SEC summary sec.gov/enforcement-litigati…). I think these offer valuable context when reading through the MMAT complaint. more to follow...