The U.S. Securities and Exchange Commission (SEC) dismissed lawsuits that it had brought against Exante, a broker, in connection to one the most serious financial hacking cases in American history. Exante is a European brokerage firm that trades in financial markets. Exante brokers provide a variety of financial instruments, including cryptocurrencies and exchange traded financial instruments.
SEC accuses Nine Clients of Trading Illegally Through Exante Brokerage Account
U.S. authorities have stated that from 2010 to May 2010, the defendants accessed over 100,000 press releases, including those issued by Marketwired, PR Newswire New York, and Business Wire San Francisco. The press releases contained earnings and other corporate data.
According to court documents, 800 news releases were used by the defendants to perform transactions prior to the information being released.
Exante, for its parts, rejected the allegations. Exante stated from day one that the complaint completely misrepresents Exante. Trading is illegal and traders created the company.
Exante, contrary to all the allegations in this complaint and the media, has never been or remains a hedgefund. Our business model involves executing transactions for our clients."
Exante stated it has strong and reliable market monitoring and supervision, as well as internal and externe oversight. Exante said that it was in direct contact to the MFSA and several other authorities to resolve this issue as fast as possible. We are sure that in time, it will be shown that we were responsible and we wait for the actual results.
"Our employees will continue to work hard so that Exante customers get excellent service while maintaining safety and security."
The nine defendants were Exante Ltd. brokers clients. They allegedly engaged in illegal trading through Exante's brokerage accounts. Parallel to the new charges, Exante Ltd. was also charged with filing the claims.