SEC v. Lightspeed Financial Services Group LLC (suspicious activity reporting, 2024)

Settled

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In November 2024, the SEC settled charges against Lightspeed Financial Services Group LLC, ordering a US$75,000 penalty for filing suspicious activity reports that left out information FinCEN requires, including on a customer who was engaged in layering and wash sales.

The record

What was ordered

Civil penalty

$75k

Disgorgement

—

Prejudgment interest

—

Total relief

$75k

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced this matter on November 22, 2024 as release 34-101705. The respondents named are Lightspeed Financial Services Group LLC (0 individuals, 1 entity).

The order finds that some of Lightspeed's reports omitted required details. In one 2019 example the narrative said a customer had engaged in layering and wash sales but left out the customer's name, the account number and the details of the trades. Lightspeed itself is not charged with layering or wash trading.

This library applies no technique tag to the matter. The violation is an incomplete suspicious activity reporting failure, not manipulative trading by the respondent.

A $75,000 civil money penalty, a censure, and cease-and-desist relief.

Lightspeed consented to the order without admitting or denying the findings.

Timeline

1. 2024-11-22 Administrative proceeding instituted (cease-and-desist)

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC order

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Record added September 10, 2026. submit a correction.