A Financial Times report citing people familiar with the matter said the DoJ and SEC are preparing to charge the leading transaction services provider to pension funds and institutional investors, for allegedly overcharging its clients.“The Department of Justice and Securities and Exchange Commission are in advanced settlement talks with ConvergEx in which the broker may admit to wrongdoing as part of a civil settlement,” the FT report said.“The settlement talks are still going on and the terms of a resolution with the DoJ are still being negotiated, these people said.”According to FT, at least one former executive, Jonathan Daspin, who ran ConvergEx’s Bermuda operations, was let go from the broker two years ago. He is said to be cooperating with the investigation. Mr Daspin, who now works for a New Jersey packaging company, declined to comment.ConvergEx said: “We have no comment on the ongoing investigations, which we publicly disclosed in December 2011, other than to say we continue to cooperate fully with the authorities and we are hopeful that they will be concluded shortly so that we can put these legacy matters behind us.“These legacy matters centre on certain high-touch global program trading and global transition management orders routed through the former Bermuda trading desk of CGM, a ConvergEx subsidiary, which was effectively shut down in late 2011. ConvergEx discontinued this activity almost two years ago,” it said.The DoJ and SEC declined to comment. Convergex Bermuda’s address was listed as being at 129 Front Street in the Ingham Willkinson building.