SEC files civil lawsuit against Virtu over information barriers; Virtu denies allegations

Virtu Financial, Inc.

SEC initiated civil lawsuit against Virtu on Sept 12, 2023, regarding internal information barriers from Jan 2018 to Apr 2019.
SEC alleges policies not reasonably designed to prevent misuse of material nonpublic info; no actual misuse alleged.
Virtu rejects allegations, says it self-identified issue in 2019 exam, enhanced controls, and fully cooperated.
Virtu notes SEC escalation follows its public criticism of SEC rule proposals and its FOIA lawsuit against SEC.
CEO says allegations meritless; Virtu plans to vigorously defend itself in court.

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