New York Stock Regulation Inc. announced its enforcement actions against four trading companies. The regulator says that Ronin Capital, LLC mismarked over 8,300 short orders because of inadequate supervisory procedures and supervision. The company continued to mismark short orders even after the SEC brought the violation to its attention. Ronin Capital was censured by NYSE Arca and ordered to pay $200,000.
NYSE Arca fined Goldman Sachs Execution & Clearing LP (GSEC) $105,000 for failing to adequately supervise business operators and associated persons in a way that guaranteed compliance with odd lot trading order rules.
Pearson Capital Management LLC was censured and fined $5,000 because it failed to meet market maker requirements. Penn Mott Securities was fined $3,200 for similar violations.
NYSE Regulation also announced enforcement action against three people:
*Former UBS Financial Services Inc. Vice President Montague Hasie is permanently barred from the exchange because he refused to testify about events that took place while he was at UBS. Hasie and some of his clients were indicted in a U.S. district court for allegedly misusing shares.
*Former Wedbush Morgan Securities registered representative Matthew Pavich was temporarily barred because of books and records violations.
*Former UBS Financial Services Inc. employee Richard Wendell Babichy is barred for 12 months for failing to report a customer complaint, failing to follow a customer’s instructions, and making or causing to make false entries in his employer’s records and books.
If you have lost money because of the reckless or negligent actions of a stockbroker or anyone else in the securities industry, you have the right to get your investment back. The stockbroker fraud law firm of Shepherd Smith and Edwards can help you. Contact us today for your free consultation.
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