SEC Fines Virtu Financial for Misleading Customers

SEC Settles with Virtu Financial for Misleading Customers on Data Security: A major trading firm, Virtu Financial, has agreed to a settlement with the SEC over allegations of misleading customers about data protection. The SEC claimed that Virtu falsely claimed to have strong information barriers and systemic separation to protect sensitive customer data. However, an investigation found that employees could easily access confidential customer information from January 2018 to April 2019 using a shared username and password. This raises concerns about data security and client trust within financial institutions. The settlement aims to address the alleged misrepresentations and ensure better safeguards for customer information.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.