Downtown stock brokerage Wedbush Securities in Los Angeles has responded to a financial industry group’s allegations of problems in its market access operations over the past several years.

In charges filed Monday, the Financial Industry Regulatory Authority said the firm did a poor job of monitoring the actions of traders who accessed stock markets through Wedbush between 2008 and last year, resulting in illegal and improper trades. In a statement Tuesday, Wedbush defended its monitoring systems and said bad actors were booted years ago.

“The firm believes that its risk management controls and supervisory procedures in the area of market access were reasonably designed to achieve compliance with evolving regulatory requirements,” the statement says.

The firm went on to say that the charges stem from trading activity by firms that were cut off from Wedbush’s market nearly two years ago and that improper trading did not result in losses for Wedbush, its clients or other market participants.

Wedbush is facing similar charges of inadequate monitoring and risk control from the Securities and Exchange Commission.