Complaints Filed
The following complaints were issued by the NASD. Issuance of a disciplinary
complaint represents the initiation of a formal proceeding by the NASD in which
findings as to the allegations in the complaint have not been made, and does not
represent a decision as to any of the allegations contained in the complaint.
Because these complaints are unadjudicated, you may wish to contact the
respondents before drawing any conclusions regarding the allegations in the
complaint.
........................
Fiero Brothers, Inc. (New York, New York), Falcon Trading Group, Inc. (Boca
Raton, Florida), Sovereign Equity Management Corp. (Boca Raton, Florida), John
Fiero (Registered Principal, Jersey City, New Jersey), Steven Carlson (Registered
Principal, Denver, Colorado), and Glen Vittor (Registered Principal, Boca Raton,
Florida) have been charged with manipulation, violation of rules relating to short
sales, and violating standards of commercial honor and just and equitable
principles of trade. The complaint alleges that, during January and February 1995,
they engaged in a manipulative ?bear raid? to drive down the price of 10 Nasdaq
securities. The complaint also alleges that the respondents engaged in short selling
in proprietary accounts without making the requisite affirmative determination
that the stock could be borrowed.
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