iCapital Markets, the US broker-dealer formerly called Datek Securities, has been charged with securities fraud by the Securities and Exchange Commission (SEC) and fined $6.3m (€7.2m).

The fine pales in comparison with the tens of millions of dollars that Datek made during five years of fraudulent trading. In a report on its findings, the SEC said that Datek Securities' day-trading unit conducted millions of illegal trades between 1993 and March 1998.