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Josephthal & Co. Fined for Alleged IPO Sales Violations
NASDR has imposed a $3.3 million fine on the brokerage firm in order to compensate 360 allegedly defrauded customers.
The stock involved was VictorMaxx Technologies, Inc. According to the NASD complaint, Josephthal's sales force aggressively recommended the stock by making baseless price predictions and failing to disclose compensation arrangements.
Source: Wall Street Journal, May 23, 2001
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