The president of Go-Video Inc.--a Scottsdale, Ariz.-based firm whose stock has fluctuated wildly in recent months--has been barred by the National Assn. of Securities Dealers from associating with any NASD member, according the company's annual 10-K report filed last month with the Securities and Exchange Commission.
The action was taken against Eric J. Shedeler as a result of a complaint filed with NASD in June, 1986. The complaint charged that, as a partner in a Colorado Springs, Colo., investment company, Shedeler purchased 6,000 shares of stock through another broker in the name of a customer who had not authorized the purchase. When the customer refused to pay for the stock, the brokerage firm suffered a $6,000 loss, according to the complaint.
The NASD ruled last March that Shedeler had violated its rules of fair practice. In addition to being disbarred, he was fined $5,000.
In a statement issued Thursday, Go-Video said that its investigation of the situation "indicated that the NASD action was taken without Mr. Shedeler receiving prior notice, and that Mr. Shedeler had no opportunity to respond to the complaint."