Olde Discount, officials pay $7M to settle SEC charges

Article Abstract:

Olde Discount Brokerage and three top officials agreed to pay more than $7 million to settle charges of fraudulent sales practices. The Securities and Exchange Commission said that Olde's compensation, training and hiring policies promoted the fraudulent practices. Olde paid higher commissions to brokers for selling "special venture stocks" recommended by Olde, and the brokers often used high pressure tactics to sell the stocks. The firm and its founder Earnest Olde neither admitted or denied the charges.

Comment:

Olde Discount Brokerage agreed to pay more than $7 million to settle charges of fraudulent sales practices

Article, Olde Discount Brokerage

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SEC calls day-trading firms sloppy

Article Abstract:

Ten of the 30 day-trading companies were characterized by the SEC to be sloppy in their operations, following an investigation by the commission. The SEC said that no widespread fraud was prevalent in the operations of the ten unnamed day traders, which offer clients advanced software and high-speed networks for stock transactions. Day traders have recently become controversial as some were charged with a number of deceptive practices.

Government regulation (cont)

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Merrill Lynch fined for trading violations

Article Abstract:

Merrill Lynch and Company Inc agreed to pay a fine of $97,000 to settle charges filed by the National Assn of Securities Dealers for allegedly failing to get its customers the best price on their stock orders. The company is also charged by NASD for violating 'limit order display' rules and trade reporting guidelines. Merrill Lynch did not deny or admit the allegations made by the association.

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