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NASD Censures, Suspends Former Securities Broker

REGIONAL ROUNDUP

October 03, 1995

A former Westlake Village securities broker has been sanctioned by the National Assn. of Securities Dealers for alleged violations of Securities and Exchange Commission rules.

Lawrence R. Klein, a Woodland Hills resident and former employee of Spectrum Securities Inc. in Westlake Village, was censured and suspended from association with any NASD member for five years.

The NASD, the parent of the NASDAQ stock market, said in a complaint that in 1993 and 1994 Klein converted $17,000 from a customer account to a bank account, then used the money to repay debt. Klein also allegedly forged customer signatures when making the unauthorized transfer.

According to the NASD, Klein admitted transferring the funds, but said he did not personally gain from the transaction. He also cited psychiatric problems, drug and alcohol abuse and financial woes as mitigating circumstances, the NASD said.

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