Citadel Securities, the market-making arm of the hedge fund firm founded by billionaire Kenneth Griffin, has agreed to pay $22.6 million to settle charges that it misled clients about the pricing of their trades, according to The Wall Street Journal.

Stephanie Avakian, acting director of the US Securities and Exchange Commission's enforcement division, said in a January 13 statement that Citadel Securities made "misleading statements suggesting that it would provide or try to get the best prices it saw for retail orders routed by other broker-dealers".