BNY Mellon Securities Corporation, together with Pershing LLC, agreed to pay a $40 million penalty
https://www.sec.gov/newsroom/press-releases/2024-98
13 replies (most recent on top)
And another $5M.
https://www.cftc.gov/PressRoom/PressReleases/8951-24
Perhaps we should be offshoring some of our "leaders".
The company tells you to pay for your phone and give your number to clients so they can reach you 24/7, then it is too cheap to provide an app or software to track communication. Tell a client not to text you; they will say you are not providing good service. Then you are written up, fired, or does not meet expectations.
Explain that to me.
There is ineptitude, but then there is Pershing… where ineptitude rules from top to bottom. Remember Pershing came from Suresh, THE master of disaster.
BONY, Pershing, and endless scandals. Thomas Mellon is surely spinning in his grave.
@Fly on the wall...Isn't this an SEC rule violation?...depriving a client's right to vote in proxy meetings?
@1gnf+1u1Q9682, nothing new here, Pershing has been a train wreck for a very long time. The only old timers left are the a$$ kissers and the ones who stab whoever they can in the back to keep their jobs. I wait for the day that they get taken over again and some of those useless upper management get the boot. They had a scandal that was covered up a few years ago and innocent employees lost their jobs because of a negligent manager who was clueless or turned a blind eye to the goings on at that time. You know what they say about karma.
Pershing is a train wreck. I would like to be in the room when they explain to their clients that not a single Proxy Service Setup was completed for any Pershing Account in the last five years. Pershing Clients that are under the impression they participated in proxy meetings will have an unpleasant surprise coming...or maybe they just won't tell them.
Good thing we take all those training classes to help prevent this sort of thing from happening.
What amazes me in all the banking "irregularities" across the industry that resulted in criminal wrong doing/ fines being issued, yet, not one EC member, CFO, CEO going to jail? Let the bodies hit the flooooooor!
Make it 80
That govt org that fleeces companies to line their own pockets is so corrupt, but no surprise there.
To the first comment, you got that right! I always say the very same thing!
RV: ‘ Ok. No problem. Now Get me 250 sacrificial bodies in the US and UK’