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SEC slaps investment firm Citadel with $7 million fine to settle short selling charges

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Citadel Securities identified certain short sales as long sales, and vice versa, during a 5-year period, the SEC said.

The source of the inaccuracies was a coding error in Citadel's automated trading system during this time frame, the SEC found.

A Citadel spokesperson told CNBC that the matter"had no impact on the quality of our client execution." "While updating our systems to accommodate certain client requests, we made a coding change that inadvertently affected a de minimis percentage of our order markings," the spokesperson added."We detected the issue and promptly fixed it more than three years ago."

 

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