The U.S. Securities and Exchange Commission has pressed charges against former American Stock Exchange Chairman Salvatore Sodano for allegedly ignoring regulation and compliance issues during his tenure, The Wall Street Journal reported on Friday.

From at least 1999 through June 2004, the New York securities exchange failed to pursue trading violations by members on its floor who allegedly refused to fill certain options orders, the regulator said in settling its cease-and-desist order with Amex, according to the report.

It also said the exchange failed to keep regulatory records and furnish them to the SEC.

Sodano, who is now dean of Hofstra University's Frank G. Zarb School of Business, was quoted through his lawyer that he will " defend himself vigorously" and has no reason to engage in settlement talks.

"While there is no dispute that violations occurred, it also is undisputed that Mr. Sodano was unaware of the violations at the time that they occurred," said William Baker, a lawyer at Latham & Watkins in an emailed statement.

Sodano, who was chairman and CEO of Amex from late 1999 to early 2005, "directed an extensive remediation effort" when he learned of the violations, Baker said.

Because Sodano is no longer an exchange executive, the only penalty an SEC judge can impose is a censure, said the report.

Source: Xinhua