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Strategies & Market Trends : Level II Trading

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To: ExCane who wrote (79)	2/5/1998 4:53:00 PM
From: Dirk Hente	Read Replies (3) of 1086

[market maker manipulation] here is an example taken from a NASD report 6/97 about disciplinary actions of the 'market Regulation Committee' published @ nasdr.com January Actions: Castle Securities Corporation (Freeport, New York) and Michael T. Studer (Registered Principal, Rockville Centre, New York) were fined $25,000, jointly and severally and required to pay $19,373.56 plus interest in restitution to customers.[...] The sanctions were based on findings that the firm manipulated the price of a common stock in that it used its dominant and controlling position in the market to establish and maintain an artificial and inflated price of the stock and arbitrarily increased that price when it was known there was little or no investor or dealer interest in the stock and no favorable news or developments concerning the stock. Furthermore, the firm charged its retail customers unfair and fraudulently excessive mark-ups ranging from 16 to 66 percent over the prevailing market price for the common stock. ..just my 2 pfennig

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