SEC Charges CEO Of ConvergEx In "Fraudulent Scheme"

High frequency trading operation not too transparent in an otherwise transparent market The CEO of global investment firm and high frequency trading dark pool operator, ConvergEx Group, has settled with the Securities and Exchange Commission, agreeing to pay more than $783,000 and admit wrongdoing in a case involving employees under his control misleading customers regarding trading costs in what the SEC termed a “Fraudulent Scheme.”   ConvergEx scheme caused customers to pay higher commissions Craig S. Lax was CEO of CovergEx when one of its subsidiaries “engaged in a scheme that caused customers to pay substantially higher” commissions when buying…