The U.S. Securities and Exchange Commission issued orders appointing a firm to administer funds paid by seven New York Stock Exchange specialist firms for trading violations.

Under SEC orders dated March 30 and July 26, the seven specialist firms (Bear Wagner Specialists LLC, Fleet Specialist Inc., LaBranche & Co. LLC, Spear, Leeds & Kellogg Specialists LLC, Van der Moolen Specialists USA LLC, Performance Specialist Group LLC, and SIG Specialists Inc.) were ordered to pay a total of US$247,028,778 in disgorgement and civil penalties.

The latest SEC orders create Fair Funds and appoint Heffler, Radetich & Saitta LLP, a public accounting firm that specializes in class action and other fund administrations, as administrator of the funds. The orders provide that Heffler Radetich shall draw up a plan, for approval by the commission, to identify the customers who were injured as a result of the specialist firms’ trading violations.

The funds paid by the specialist firms will be transferred to an escrow account to be invested in short-term U.S. Treasury securities, pending their ultimate distribution to injured customers.