FINRA Fines Odeon Capital Group for Failing to Adequately Supervise for Prearranged Trading

Odeon Capital Fined by FINRA

FINRA claims that from July 2019 onwards, Odeon Capital, a New York-based broker-dealer, failed to establish a supervisory system capable of identifying potentially manipulative prearranged trading, an illegal practice where buyers and sellers collude to execute trades at predetermined prices.  FINRA found that the firm’s daily trade reports were not equipped to detect such patterns and lacked proper oversight procedures. This led to at least 13…

FINRA fines Odeon Capital Group for failing to adequately supervise for prearranged trading

Odeon Capital Group LLC has agreed to pay a fine of $75,000 as a part of a settlement with FINRA.

2021069359401 Odeon Capital Group LLC CRD 148493 AWC gg.pdf

From July 2019 to the present, Odeon failed to establish and maintain a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with applicable securities laws and regulations prohibiting prearranged trading, a form of manipulative trading, in violation of FINRA Rules 3110 and 2010. In addition, between December 2019 and December 2021, Odeon provided written trade confirmations to non-instit…