What now?: POND "Notice of Intent to Deny Registration as Broker-dealer,
Order to Cease and Desist and Notice of Intent to Fine Issued
On April 2, 2001, the Commissioner issued a Notice of Intent to Deny Registration as Broker-dealer, Order to Cease and Desist and
Notice of Intent to Fine with respect to Pond Securities Corp. of 4522 Fort Hamilton Parkway, Brooklyn, New York. The action alleged
that the respondent had 1) transacted business as a broker-dealer absent registration under the Connecticut Uniform Securities Act
from at least April 1997 forward; 2) employed at least five unregistered agents; 3) failed to implement a supervisory system that would
have prevented the alleged registration violations; and 4) been censured and fined by the NASD three times on March 4, 1999, February
25, 1999 and December 11, 1999 for failing to abide by proper standards of commercial behavior and to observe regulatory
requirements. The action also claimed that the firm had filed a materially false or misleading document in conjunction with its
application for broker-dealer registration. In the application, the firm had purportedly denied that it had transacted any brokerage
business in Connecticut.
The respondent was afforded an opportunity to request a hearing on the Notice of Intent to Deny Registration as Broker-dealer and the
Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for May 23, 2001.
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