The Securities and Exchange Commission has fined BNY Mellon $24 million and has banned a former manager of institutional trading at Mellon Securities from associating with any broker-dealer firm after carrying out what it called an “eight-year best execution fraud.”

Banned is Mark Shaw, who was an institutional order desk manager at the former Mellon Securities from March 1999 until May 2008 when he was fired by BNY Mellon.

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