A former Societe Generale mortgage-bond trader in New York was sanctioned by the Financial Industry Regulatory Authority for improper transactions.
Bloomberg News reports that Yimin Ge bought bonds from other firms with 'an understanding that her counterparty would repurchase the security within a short time frame', and on at least one occasion engaged in the opposite practice, according to an agreement accepted by Finra on October 27.
Ge agreed to be barred from associating with any Finra member, without admitting or denying the agency’s findings. The industry watchdog said the trading occurred between 2011 and 2013, and that Ge prevented specific securities’ prices and volumes from 'accurately reflecting market activity' and 'influenced the natural forces of supply and demand in the market'.
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