Clearpool Fined USD300,000 by FINRA for Short Selling Rule Violations


Clearpool Execution Services LLC has agreed to a USD300,000 fine as part of an agreement with the United States Financial Industry Regulatory Authority (FINRA) on short selling rule violations.

Between April 2015 and May 2017, Clearpool executed more than 9 million short sale orders for its own account to facilitate client short sale orders on a riskless principal basis, without borrowing the securities, thus violating several Exchange Act Rules and FINRA Rules. To resolve the issue, the company agreed to a USD300,000 fine, of which USD195,000 will be paid to FINRA.


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