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PaineWebber Pays $500,000 For Failing To Supervise
The SEC charged that PaineWebber failed to supervise its former broker, Enrique Perusquia. To settle these charges the firm has paid $500,000 and consented to a censure. PaineWebber did not admit or deny the SEC's findings.
The SEC found that PaineWebber did not have a procedure to ensure that the broker's supervisors knew basic, required information about his clients, such as: 1) their identities; 2) contact information; 3) their asset bases; 4) their investment objectives; and 5) the suitability of the trades that the broker placed on their behalf.
Source: SEC News Release, August 20, 2003
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