LEGAL PROCEEDINGS
−Removed: We are party to certain claims, suits and complaints arising in the ordinary course of business.
−Removed: For activity related to operations of StockCross Financial Services, Inc.
−Removed: (“StockCross”) prior to our acquisition of StockCross, FINRA’s Division of Enforcement is currently investigating UIT transactions that were executed by StockCross that the enforcement staff believes were terminated early.
−Removed: We believe that many of these transactions were UIT transactions that were the subject of our prior settlements with the Commonwealth of Massachusetts (Dkt.
−Removed: E-2017-0104) and the State of California (CRD No.s:
−Removed: 6670 and 2400211).
−Removed: All of these transactions occurred prior to our acquisition of StockCross on January 1, 2020.
−Removed: Siebert 2022 Form-10K 19
−Removed: Management cannot at this time assess either the duration or the likely outcome or consequences of the FINRA investigation.
−Removed: Nevertheless, FINRA has the authority to impose sanctions on Siebert or require that it make offers of restitution to other customers who FINRA believes incurred sales charges in early liquidations of UITs.
−Removed: No assurances can be given that a mutual settlement with FINRA regarding the investigation can be reached or that any amount paid in settlement will not be material.
−Removed: In the opinion of management, all other legal matters are without merit, or involve amounts which would not have a material impact on our results of operations or financial position.
+Added: We are party to certain claims,
+Added: suits and complaints arising in the ordinary course of business.
+Added: As of the date of this Report,
+Added: we do not expect that these claims, suits and complaints will have a material impact on our results of operations or financial position.
MINE SAFETY DISCLOSURES
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.