A former vice president at the New York brokerage unit of a large Chinese bank pleaded guilty to a criminal antitrust charge, the latest defendant ensnared in a federal crackdown on the market for American depositary receipts
By Kristin Broughton Nov. 14, 2019 5:43 pm ET .
With ADR’s, foreign companies transfer shares to the banks, which use them to back corresponding securities issued to U.S. investors. The securities track the price of the underlying shares. According to federal prosecutors, Mr. Volino conspired with competitors to coordinate their bids in an auction-style process that determined the rate at which they could borrow prerelease ADRs. On at least 24 occasions between May 2012 and August 2014, Mr. Volino and his conspirators reached an agreement on what bids to submit, often coordinating by text message or in private chat rooms, prosecutors said.
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