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Zehuan Song Fined by Cboe Exchange

Securities Lawyer Jonathan Kurta
By: Jonathan Kurta Author
July 15, 2025 at 2:53am

Zehuan Song (CRD #: 7154672), a broker registered with Consolidated Trading, was fined by Cboe Exchange, according to his BrokerCheck record, accessed on June 28, 2025. If you have questions about his alleged conduct as a broker, read on.

Regulatory Action by Cboe Exchange

On May 1, 2025, Cboe Exchange, Inc. alleged that, on May 26, 2022, Zehuan Song sold 1,500 Cboe Volatility Index (VIX) call option contracts on behalf of Consolidated Trading that were in the same option class as a solicited order. The terms and conditions of the solicited order had allegedly not been publicly disclosed yet.

Cboe Exchange alleged that Zehuan Song violated Cboe Rules 5.86 and 8.1. He consented to a censure and fine of $110,000.

Cboe Rules

Cboe Rule 5.86 prohibits trading permit holders or persons associated with them to take advantage of their knowledge of the terms and conditions of a solicited order that has not yet been disclosed to the trading crowd by buying or selling an option of the same class as that order.

Cboe Rule 8.1 prohibits trading permit holders from engaging in practices that fail to meet just and equitable principles of trade.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Zehuan Song has passed the following exams:

  • Securities Trader Exam – Series 57TO
  • Securities Industry Essentials Examination – SIE

He is not currently registered as a broker in any state.

Kurta Law Can Help

If you worked with Zehuan Song and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. 

 

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