HSBC Securities, Citigroup Global Markets Inc., UBS Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Inc., and Interactive Brokers LLC Among Firms Disciplined by NYSER
The New York Stock Exchange Regulation Inc. is disciplining nine companies and eight people for numerous violation. The firms disciplined include:
Merrill Lynch, Pierce, Fenner & Smith: Fined $100,000 for violating rule 123c about 480 times when it cancelled or submitted securities orders after the mandatory cutoff period.
Citigroup Global markets Inc: Find $300,000—half of this to be payed to NASDAQ; the other half to be paid to NYSE. The firm made inaccurate reports about short interest positions in securities that were listed on the NYSE.
Interactive Brokers LLC: Fined $250,000. The firm was fined for violations related to day-trading minimum balances.
HSBC Securities (USA) Inc.: Fined $500,000. Over a several year period, the firm recommended and sold CDs that were not appropriate for their targeted 1900 investors. The firm allegedly engaged in misrepresentations and withheld risks during these transactions.
UBS Securities LLC: Fined $150,000. The firm did not make disclosures in its published research reports about investment baking relationships and non-investment-banking connected compensation.
Eight individuals were also fined for numerous violations, including former securities specialist Freddie DeBoer, broker Stephen Mara, and Adam Lazarus.
DeBoer was fined $300,000 and was permanently barred because he intentionally defrauded customers involved in the sale or purchase of securities. Lazarus was barred for 30 months because of short term purchases sales that were “unauthorized and unsuitable” and involved four customer accounts. Mara was suspended for two weeks and censured because of his involvement in a “physical altercation” on the exchange floor
A number of other people were permanently barred because they failed to reveal that they had criminal records and for recordkeeping violations.
NYSE Regulation can discipline brokerage firms and brokers for broker misconduct. However, you if you want to recover any investments you may have lost because of the illegal actions of any member of the securities industry, your best bet is to retain the services of an experienced stockbroker fraud attorney. Over the years, Shepherd Smith and Edwards has recovered the losses of thousands of investors throughout the United States. Let us help you.
Contact Shepherd Smith and Edwards today and ask for your free consultation.
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