Barclays Settles Charges for Failing to Reasonably Supervise Two Former Traders

Posted on May 31st, 2017 at 11:46 AM
Barclays Settles Charges for Failing to Reasonably Supervise Two Former Traders

From the Desk of Jim Eccleston at Eccleston Law LLC:

Barclays has settled charges with the SEC regarding its failure to reasonably supervise two former traders by not implementing supervisory procedures to prevent and detect the former traders’ misrepresentations.  According to the SEC, the two former traders made false and misleading statements to Barclays’ residential mortgaged-backed securities customers. For example, the two former trades misled their customers about the price, profit, and ownership of the securities. A result of their misrepresentations, the two former traders made Barclays a profit of more than $15.5 million.

Without admitting or denying the findings of fact, Barclays agreed to directly pay customers approximately $15,561,711, representing all of the profits earned on the transactions that are the subject of the order.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & Arbitration, Strategic Consulting Services, Regulatory  Matters, Transition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

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We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele


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