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Clearing Firm JB Oxford Found Liable to Customers For $3 Million
An arbitration panel has awarded customers a total of $3 million to reimburse them for losses suffered at the hands of their introducing firm, Monroe Parker Securities.
The arbitrators rejected the defense of JB Oxford that it was "just" a clearing firm with no duties to customers of its introducing firm Monroe Parker Securities.
Source: Wall Street Journal, July 22, 2002
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