Biremis Corp, a brokerage that handled U.S. trading for a now-defunct day trading company accused of market abuses overseas, and its head were expelled from the U.S. securities industry, Wall Street’s self-regulator said on Tuesday.

Biremis, formerly known as Swift Trade Securities USA Inc, and Chief Executive Officer Peter Beck did not have an adequate supervision program in place for detecting and preventing certain manipulative trading activities between 2007 and 2010, according to a settlement with the Financial Industry Regulatory Authority announced on Tuesday.

Among the problems was a lack of procedures to detect and prevent “layering,” a scheme that involves placing sham orders intended to influence market prices and then canceling those orders. In addition, the company did not have an adequate anti-money laundering program, even though its only business was to execute transactions for day traders worldwide.

Source: Reuters