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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: LPS5 who wrote (10666)	1/14/2003 11:55:57 AM
From: TFF	Read Replies (1) of 12617

Heartland Securities, Brokers to Pay $70 Mln to Settle Charges By Neil Roland Washington, Jan. 14 (Bloomberg) -- Heartland Securities Corp., a day trading firm, and four brokers with its predecessor firm, Datek Securities Corp., agreed to pay $70 million to settle securities fraud charges. The Securities and Exchange Commission alleged that Sheldon Maschler, Erik Maschler, Jeffrey Citron, and Michael McCarty executed millions of illegal proprietary trades on the Nasdaq Stock Market's Small Order Execution System. The defendants hid their fraud from 1993 to 2001 by creating fictitious books and filing false regulatory reports, the SEC said. Sheldon Maschler agreed to pay $29.2 million in penalties and Citron $22.5 million, among the largest regulatory penalties ever assessed against individuals, the SEC said.

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