US paper-trading platform Sierra Trading Company to shut down after six months
Posted November 14, 2018 18:59:49The US paper trading platform Sierra trading company has announced that it will shut down its operations in the US on November 21, 2018.
Sierra Trading Company has been in existence for the past five years and is the largest US paper trade platform with an annual revenue of over $100 million.
The company has been operating in the United States since 2010 and was founded in the same state as the Sierra National Park.
The news comes just one day after US Attorney General Jeff Sessions announced the DOJ is closing its investigation into the illegal sale of paper stock.
The agency said in a statement that the closure of Sierra Trading will not result in any charges being filed against any employees or agents.
The move comes a day after the US Treasury Department announced that they were shutting down Sierra Trading in response to a probe by the FBI and the Securities and Exchange Commission.
In a statement released by the US Attorney’s Office, Sierra Trading said:The company’s board and management have been working diligently to improve the company’s business and our overall operations.
However, these efforts have not been sufficient to offset the ongoing impact of the FBI investigation and it is our understanding that this action is intended to reduce any adverse impact that this investigation may have had on Sierra Trading’s financial health and the company as a whole.
The firm said the company is reviewing all of its options, including a potential sale of Sierra trading to another entity.