December 6, 1996 |
Stratton Oakmont, a brokerage firm with a long disciplinary history, was expelled from the industry, the National Assn. of Securities Dealers said. The Lake Success, N.Y., firm may have appealed to the Securities and Exchange Commission, said Mary Schapiro, president of NASD Regulation Inc. The SEC could overrule the expulsion, but it wasn't immediately known how the agency would act. The company and two executives were charged with fraudulent and excessive markups on securities.
June 25, 1996 |
The National Assn. of Securities Dealers on Monday named Barry Goldsmith, the Securities and Exchange Commission's top trial counsel, to its new position of national enforcement director. The post was created last month by the new regulatory board of the NASD, the self-policing industry body, as part of a broader effort to crack down on problem brokers. Goldsmith, 46, who has headed the SEC's trial unit for three years, will set national goals and priorities for NASD's 11 enforcement districts.
October 20, 2005 |
Green Street Advisors, the Newport Beach-based commercial real estate consulting firm, agreed to pay $150,000 to settle NASD claims it had issued research reports prepared by eight unregistered analysts. Green Street, which didn't admit or deny wrongdoing, issued more than 120 reports written last year by the analysts who hadn't taken required exams or registered with NASD, the regulator said Wednesday.
September 30, 2005 |
Brokerage Edward Jones & Co. was fined $300,000 by NASD for failing to disclose yields to clients who sold municipal bonds. The firm didn't provide the information in more than 86,000 trades worth more than $1.6 billion from January 2003 to April 2004, said NASD, the self-regulatory group formerly known as the National Assn. of Securities Dealers. The lack of disclosure "deprived these selling customers of critical information," NASD enforcement chief Barry Goldsmith said Thursday. St.
December 16, 1988 |
Three people were charged Thursday with defrauding investors in a start-up jewelry company of $640,000 in a case involving a New York brokerage already under scrutiny by federal authorities, the U.S. attorney said. Stock of the jewelry company, Renaissance Enterprises, was underwritten by Monarch Funding Inc. of New York.
October 11, 2005 |
NASD said it fined eight brokerages, including U.S. units of Prudential and Lord Abbett & Co., almost $7.8 million for taking kickbacks from mutual funds. Commonwealth Financial Network, Mutual Service Corp., Lincoln Financial Advisors Corp., Lord Abbett Distributor and four Prudential units steered clients into preferred funds in return for payments, NASD said in a statement Monday. In return, the fund firms sent their trading business to the brokerages, the regulator said.