Bourse Brokers Ltd responds to settlement: We did nothing wrong

The possibility of protracted delays and additional legal costs were among the factors identified by Bourse Brokers Ltd (BBL) for their agreeing to the Securities and Exchange Commission (SEC) settlement agreement regarding the First Citizens Bank’s initial public offering scandal of 2014.

In newspaper advertisements on Monday, the SEC said Hassan Phillip Rahaman, Imtiaz Azard Rahaman, Subhas Ramkhelawan and Bourse Brokers had been ordered to pay a total of $2.8 million after an investigation into allegations they breached sections 91 (1), 91(2) and 94 of the Securities Act Chapter 83:02.

In a release posted on its website, BBL said it is a wholly owned subsidiary of Bourse Securities Ltd (BSL), which was “not the subject of any of the alleged contraventions.”

BBL also noted that since the matter was raised approximately six years ago, it has “always co-operated fully and in a timely manner with the SEC.”

It said, “BBL maintains, as it has from the outset, that it has not contravened any regulation, law or practice and we remain steadfast in our position.”

The statement said the agreement has been reached "without any admission of wrongdoing, guilt or liability, whether civil, criminal or otherwise, on the part of BBL and/or its managing director.”

BBL said “protracted delays" in concluding the matter and the possibility of further long delays, together with the cost and the drain on other resources, had led them to join in the settlement agreement.”

The settlement would allow them to put the matter behind them, the company said, and "focus, even more so, on adding value to our clients and other stakeholders.”