Just an article .... It's only a matter of time. The Atlanta Journal and Constitution for Sept. 26, 1997
NASD PROMISES NEW CRACKDOWN ON STOCK FRAUD
by Rob Charles
Staff Writer
The National Association of Securities Dealers, the self regulating arm of the securities industry, has gone on the attack against two of the slipperiest villains of this long bull market, penny stock fraud, and internet stock fraud.
Mary L. Schapiro, president of NASD Regulation, who was in Atlanta Thursday, cited "very favorable market conditions and an influx of new and inexperienced investors" as contributing to the penny stock problem. Another factor has been the inaccurate "perception by the public, frequently fostered by dishonest brokers, that the [over-the-counter market's electronic bulletin board] is akin to a highly regulated market such as the Nasdaq Stock Market. It is not."
Schapiro heads the enforcement division unit of the NASD. She said early this week the organization decided to explore limiting the bulletin board to companies that must regularly disclose firm information to regulators and requiring NASD members to review specific financial information about the issuer before recommending an over the counter transaction.
Other proposals include granting the NASD power to halt trading in over-the-counter securities and requiring NASD members to provide each potential over-the-counter customer with a disclosure statement about the difference between that market and the Nasdaq.
Schapiro also said that Internet stock fraus is a major problem, made worse by "the anonymity of the medium." She said the NASD will soon have an Internet search engine "with the ability to do customized searches" in chat rooms and throughout the Net "on companies we're concerned about"
Schapiro was the keynote speaker at a two-day NASD compliance seminar for regulators, member firm executives and compliance officers. It continues today at the Grand Hyatt Hotel.
Just interesting reading ...
Again if you think you have been had, please contact your local NASD and SEC office and make a complaint... I send screen names and trading reports on stocks I do not understand how they are trading when all they have is what IFs and nothing solid about them. Also the hypsters and dumpers not to mention the naysayers you report to the SEC, they regulate the professional and novice financial advisors where as the NASD regulates the brokers and dealers.
Making a complaint only takes a minute ....
sec.gov
nasdr.com
Thanks
GaBard |
