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NASD Fines Citigroup, Merrill and Morgan Stanley for Arbitration Abuse
The NASD imposed a $250,000 fine against each of the three firms, fining that they failed to comply with discovery obligations in 20 customer arbitrations during the period 2003 through 2004, even after panels had ordered them to produce documents and information.
Each firm must implement written procedures to ensure that senior officers will review and correct future discovery violations that lead to sanctions.
More details should follow as to the restitution fund and how investors can participate.
Source: NASD News Release, July 19, 2004
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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