UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 74614 / March 31, 2015

ADMINISTRATIVE PROCEEDING 

File No. 3-15654

____________________________________

 :

In the Matter of :

 :

G-TRADE SERVICES LLC, :

CONVERGEX GLOBAL MARKETS : EXTENSION ORDER

LIMITED, and CONVERGEX :

EXECUTION SOLUTIONS LLC :

:

Respondents. :

____________________________________:

The Division of Enforcement (“Division”) has requested a fourth extension of time 

until May 26, 2015 for entry of an order approving or disapproving the Proposed Plan of 

Distribution that was noticed for public comment on May 9, 2014. 

On December 18, 2013, the Commission issued an Order Instituting Administrative 

and Cease-and-Desist Proceedings, Pursuant to Sections 15(b) and 21C of the Securities 

Exchange Act of 1934 and Section 203(e) of the Investment Advisers Act of 1940, Making 

Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (“Order”) against 

G-Trade Services LLC (“G-Trade”), ConvergEx Global Markets Limited (“CGM”), and 

ConvergEx Execution Solutions LLC (“CES”)1(collectively, “Respondents”). The Order

required Respondents to pay a total of $107,424,429 in disgorgement, prejudgment interest,

and civil money penalties into an escrow account and created a Fair Fund pursuant to Section 

308(a) of the Sarbanes-Oxley Act of 2002, as amended. In two related proceedings, the 

Commission ordered that the disgorgement and prejudgment interest paid in those 

 

1 Exchange Act Rel. No. 71128 (Dec. 18, 2013).
2

proceedings, totaling $1,228,592, may be combined with the funds paid in this matter for 

distribution to harmed customers.2Payment was made into the escrow as required by the 

Order on December 17, 2013.

On May 9, 2014, pursuant to Rule 1103 of the Commission’s Rules on Fair Fund and 

Disgorgement Plans,3the Commission published a Notice of Proposed Plan of Distribution 

and Opportunity for Comment (“Notice”) for the distribution of monies placed into the Fair 

Fund.4 The Notice provided all interested parties thirty (30) days from the date of the Notice 

to submit a comment on the Proposed Plan of Distribution. The Commission received 

comments on the Proposed Plan of Distribution. On June 27, 2014, the Commission issued an 

order granting an extension until August 8, 2014 for entry of an order approving or 

disapproving the Proposed Plan of Distribution.5 On August 8, 2014, the Commission issued 

an order granting a second extension until December 8, 2014 for entry of an order approving 

or disapproving the Proposed Plan of Distribution.6 On December 9, 2014, the Commission 

issued an order granting a third extension until March 27, 2015 for entry of an order approving 

or disapproving the Proposed Plan of Distribution.7 On December 17, 2014, the Commission 

issued an order appointing The Garden City Group as the fund plan administrator and setting 

the fund plan administrator’s bond amount at $108,653,021.8

In its request for a fourth extension of time, the Division states that additional time is 

needed to evaluate the five comments received and prepare responsive recommendations for 

the Proposed Plan of Distribution. 

 

2

See In the Matter of Jonathan Samuel Daspin, Administrative Proceeding File No. 3-15652 (Exchange Act Rel. 

No. 71126 (Dec. 18, 2013)), and In the Matter of Thomas Lekargeren, Administrative Proceeding File No. 

3-15653 (Exchange Act Rel. No. 71127 (Dec. 18, 2013)).

3

17 C.F.R. § 201.1103.

4 Exchange Act Rel. No. 72146 (May 9, 2014).

5 Exchange Act Rel. No. 72487 (June 27, 2014).

6 Exchange Act Rel. No. 72800 (Aug. 8, 2014).

7 Exchange Act Rel. No. 73795 (Dec. 9, 2014).

8 Exchange Act Rel. No. 73865 (Dec. 17, 2014).
3

Accordingly, for good cause shown, IT IS HEREBY ORDERED that the Division’s 

request for an extension of time until May 26, 2015 for entry of an order approving or 

disapproving the Proposed Plan of Distribution is granted.

For the Commission, by its Secretary, pursuant to delegated authority. 

Brent J. Fields

Secretary