MutualFundWire.com: NASD Hits 18 Firms with $1.2 MM in Fines
MutualFundWire.com
   The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Monday, October 04, 2004

NASD Hits 18 Firms with $1.2 MM in Fines


NASD has fined SG Cowen and other firms for failing to maintain proper order audit trails, regulators announced in a Monday release.

SG Cowen received the largest fine: the company will pay $800,000 for failing to report 50 million orders over a four year period.

"The enforcement actions announced today are against a wide range of firms for violations such as missing reports, inaccurate data, and failure to correct data after it had been rejected," stated Mary Schapiro, NASD vice chairman.

Also paying fines (followed by fine amounts): Spear, Leeds & Kellogg, $75,000; Schwab Capital Markets, $70,000; Credit Suisse First Boston, $50,000; Carlin Equities Corp.: $35,000; FutureTrade Securities, $35,000; Pulse Trading Inc, $20,000; Scottrade, $16,000; Delta Asset Management Co., $15,000; Deutsche Bank Securities, $15,000; Doyle, Miles & Co., $12,500; Quantlab Securities, $12,500; BNY Brokerage Inc., $12,000; Index Securities, $11,000; Mid-Atlantic Capital Corp., $10,000; Options Trading Associates LLC, $10,000; Transcend Capital LP, $10,000, and UBS Securities LLC, $10,000.


Printed from: MFWire.com/story.asp?s=8184

Copyright 2004, InvestmentWires, Inc.
All Rights Reserved
Back to Top