And then there is Castle Securities. The best of its class. Well connected in all the right ways and none of the wrong ways. Might as well accuse the Pope of secretly being a member of an East L.A. street gang in his spare time.
The best of its class. ???? And just what class would that be? Hmmmmmmmm?
Well connected in all the right ways and none of the wrong ways. And these are your great and good friends, eh Mr. Tout?
Which gang did you say the Pope was running with?
UNITED STATES COURT OF APPEALS
FOR THE SECOND CIRCUIT
August Term 1997
(Argued April 23, 1998 Decided )
Docket No. 97-6195
SECURITIES AND EXCHANGE COMMISSION,
Plaintiff-Appellant,
v.
U.S. ENVIRONMENTAL, INC.; LOUIS J. SEPE; MARIA SEPE;
CASTLE SECURITIES CORP.; MICHAEL T. STRUDER; LESLIE
S. ROTH; and DUDLEY MIHRAN FREELAND,
Defendants,
JOHN ROMANO,
Defendant-Appellee.
Romano, Castle, and the D'Onofrio group "intentionally engaged" in such "manipulative conduct . . . between September 1989 and December 1989." As a result of these manipulative trades, the price of USE stock rose from $.05 to approximately $5.00 per share in this period. In June or early July 1990, Castle sold approximately 15,000 shares of USE stock to retail customers at $6.00 per share. Between September 1989 and August 1990, Castle made a profit of approximately $175,000 as a result of its market-making activity for USE. lw.bna.com
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 39523 / January 7, 1998
Admin. Proc. File No. 3-9188
__________________________________________________
:
In the Matter of the Application of :
:
CASTLE SECURITIES CORPORATION :
45 Church Street, Suite 25 :
Freeport, NY 11520 :
:
and :
:
MICHAEL T. STUDER :
410 McDermott Road :
Rockville Centre, NY 11570 :
:
For Review of Disciplinary Action Taken by the :
:
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC. :
__________________________________________________:
OPINION OF THE COMMISSION
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF DISCIPLINARY
PROCEEDINGS
Violations of Rules of Fair Practice
Manipulation
Excessive and Fraudulent Markups
Failure to Supervise
sec.gov |
