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Restitution Anticipated for Monroe Parker Securities Investors

The NASD has announced severe penalties against now defunct brokerage firm Monroe Parker Securities and four of its officers for allegedly bilking investors out of $5 million associated with fraud in the sale of stock of two small companies. Three of the four officers have been barred from the securities industry. The firm and the four officers have been fined more than $8 million.

A portion of that fine will be used to establish a restitution fund so that investors may receive compensation. Details are to follow.

Source: Wall Street Journal, July 7, 1999

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