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Press Release
SOURCE: Stockwalk Group, Inc.
Stockwalk Group, Inc. Subsidiary in Violation of Minimum Capital Requirement
MINNEAPOLIS, Sept. 25 /PRNewswire/ -- Stockwalk Group, Inc. (Nasdaq: STOK - news) reported today that one of its subsidiaries, MJK Clearing, Inc., was in violation of the Securities and Exchange Commission's (SEC) net capital rules due to the failure of one of its clients being unable to meet a significant financial obligation.
Stockwalk Group officials notified the SEC and other regulators of the violation early today, halted trading in its stock and temporarily ceased all trading operations. The firm was unable to meet the SEC requirement (Rule 15c3-1) when another brokerage firm failed to deliver a significant amount of capital that if otherwise delivered, would have caused the firm to comply with the net capital rule. It is believed that this brokerage firm, a corporate client of MJK Clearing's stock loan department, has ceased operations.
Company officials are presently working with regulators and other securities firms to resolve this issue and explore alternatives. Further information regarding such options is expected to be made public within the next few days.
About Stockwalk Group, Inc.
Based in Minneapolis, Minnesota, Stockwalk Group, Inc. is the parent company of Miller Johnson Steichen Kinnard, Inc., a full-service brokerage firm of approximately 400 investment executives in eight states; |
