The Securities and Exchange Commission has charged TradeZero America, a Brooklyn, New York-based broker-dealer, and its co-founder, Daniel Pipitone, with falsely stating to customers that they didn’t restrict the customers’ purchases of meme stocks when in fact they did.
The SEC imposed a $100,000 penalty on TradeZero and a $25,000 penalty on Pipitone.
Many brokers restricted investors’ ability to purchase a group of highly volatile stocks generally known as “meme stocks” in late January 2021, the SEC said in a release about its order. On Jan. 28, 2021, TradeZero was instructed by its clearing broker not to allow its customers to purchase three meme stocks. TradeZero ultimately halted purchases for about 10 minutes. After the halt, TradeZero and Pipitone made misleading public statements via interviews, social media, and in a press release, the SEC said. These were done in an effort to distinguish TradeZero from brokers that restricted trading during that period, the SEC said.
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