SEC v. Wedbush Securities Inc., Jeffrey Bell and Christina Fillhart (market access controls, 2014)

Settled

Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

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In November 2014, the SEC issued an order against Christina Fillhart, a manager at Wedbush Securities Inc., for her part in the broker-dealer's failure to keep direct and exclusive control of its market access risk controls, imposing US$25,000 disgorgement and a US$25,000 penalty, mostly waived for inability to pay.

The record

Structured fields for this action, as recorded in our case library.
Agency	SEC
Release number	34-73654
Date filed	2014-11-20
Date resolved	2014-11-20
Status	settled
Asset class	equities
Venue	Nasdaq
Criminal parallel	No
Defendants	Wedbush Securities Inc. (entity) ; Jeffrey Bell (individual) ; Christina Fillhart (individual)
Also named elsewhere	Wedbush Securities Inc. is named in 2 other matters
Cited as charged or alleged	Exchange Act s.15(c) ; Regulation SHO (Rules 203 and 204) ; Market Access Rule (Rule 15c3-5) (statutes and rules cited in the document; not a finding that they were violated)
Techniques

What was ordered

Civil penalty: $25k
Disgorgement: $25k
Prejudgment interest: $1.5k
Total relief: $51.5k
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 20, 2014 as release 34-73654. The respondents named are Wedbush Securities Inc., Jeffrey Bell and Christina Fillhart (2 individuals, 1 entity).

The cached order, which concerns Fillhart, finds that Wedbush, sponsoring customers onto its trading platforms, let customers and platform providers control risk settings, including the controls meant to prevent wash trades, naked short sales and certain erroneous orders, and did not require those controls to be active. Wash trades and layering appear only as examples of what the controls were meant to prevent; no respondent is charged with executing them. Separate orders against Wedbush and Bell are not part of the cached document.

This library applies no technique tag to the matter. The charge is a failure to maintain market access controls under Rule 15c3-5.

Fillhart: disgorgement of $25,000, prejudgment interest of $1,478.31 and a $25,000 civil money penalty, of which $15,000 was waived on her showing of inability to pay, plus a cease-and-desist order.

Fillhart consented to the order.

Timeline

2014-11-20 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.