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Writer's pictureStephen Wick

Toronto Dominion Securities Charged with Market Manipulation by SEC

The SEC's order reveals that between April 2018 and May 2019, the former trader entered misleading orders on one side of the market with no intention of executing them—referred to as non-bona fide orders.


The Securities and Exchange Commission (SEC) has filed charges against TD Securities (USA) LLC for allegedly manipulating the U.S. Treasury cash securities market through a practice known as spoofing. The SEC also accused the firm of failing to adequately supervise its U.S. Treasuries trading desk head, who purportedly engaged in hundreds of illegal trades over a 13-month span.


The SEC's order reveals that between April 2018 and May 2019, the former trader entered misleading orders on one side of the market with no intention of executing them—referred to as non-bona fide orders. This strategy was aimed at securing better prices on legitimate orders placed simultaneously on the opposite side. After fulfilling the bona fide orders, the trader allegedly canceled the non-bona fide orders, resulting in profits for TD Securities.



“Manipulative and deceptive trading undermines the integrity of our markets,” said Mark Cave, Associate Director in the SEC’s Division of Enforcement. “Broker-dealers and other firms cannot ignore their employees’ manipulative conduct and must take meaningful steps to detect and prevent it. Today’s action results from our continuing commitment to combating illicit trading.”


The SEC's investigation found that TD Securities lacked proper oversight and failed to act on warnings regarding the trader's suspicious activities. In response to the findings, TD Securities has agreed to the SEC's order, admitting to violations of federal securities laws and inadequate supervision. As a result, the firm will cease any future violations, has been censured, and must pay $400,000 in disgorgement, along with $6.5 million in civil penalties.



In a related matter, TD Securities has entered a deferred prosecution agreement with the U.S. Department of Justice (DOJ), agreeing to pay over $15 million in total sanctions, including the $400,000 credit to the SEC. Additionally, the firm has consented to a $6 million fine from the Financial Industry Regulatory Authority (FINRA) to settle related allegations.


The SEC's investigation was led by Bobby Gray, Edward Patterson, and Devon Staren from the Division of Enforcement, with contributions from various staff members in the Division of Economic and Risk Analysis. The agency also acknowledges support from the DOJ's Fraud Section and FINRA.


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