NASDR Nov. 2000 Enforcement actions->Schneider Securities, Inc. (CRD #16434, Denver, Colorado) submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which the firm was censured, fined
$22,500, and required to conduct and complete a comprehensive internal review
of the supervisory and compliance structure of the firm under the guidance and
supervision of an independent, outside consultant within 180 days of acceptance
of the AWC. Without admitting or denying the allegations, the firm consented to
the described sanctions and to the entry of findings that the firm, acting through
an individual, failed to adequately supervise a former registered representative in
order to prevent and detect alleged excessive trading, unauthorized trading, and
the improper use of discretion. The findings also stated that the firm’s written
supervisory procedures and supervisory system failed to provide procedures in
sufficient detail to detect and prevent excessive trading/churning, unauthorized
trading, and improper use of discretion. (NASD Case #C3A000032) nasdr.com
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