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Pastimes : Market Maker (MM) Games
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To: David Meyer who wrote (5)6/5/1998 8:28:00 AM
From: Mighty_Mezz  Read Replies (1) of 41
 
NASD responds to requests for disclosure re MMs.
I received my first email from NASD today re FSCO.
This is especially for those who claim there is no manipulation on the naz.

NASD Member Firm: FIERO BROTHERS INC.
BD Number: 27269




6/04/98 SUMMARY INFORMATION





6/04/98: 2/06/98 PENDING NASD COMPLAINT

THE NASD FILED A COMPLAINT AGAINST FIERO BROTHERS INC. AND OTHER RESPONDENTS ALLEGING VIOLATIONS OF NASD RULES 2110, 2120, 3110 AND 3370 IN THAT THE FIRM AND OTHER RESPONDENTS, ENGAGED IN MANIPULATIVE CONDUCT IN VIOLATION OF SECTION 10(b) OF THE SECURITIES EXCHANGE ACT OF 1934, AND RULE 10b-5 THEREUNDER THROUGH COLLUSION, AND ENGAGING IN A MANIPULATIVE "BEAR RAID" TO DRIVE DOWN THE PRICE OF 10 NASDAQ SECURITIES UNDERWRITTEN BY A DEFUNCT BROKER/DEALER. THE RESPONDENTS, ACTING THROUGH THEIR OWN PROPRIETARY TRADING AND MARKET MAKING ACCOUNTS, AND IN CONJUNCTION WITH OTHERS, ENGAGED IN A MONTH-AND-A-HALF LONG PROGRAM OF SHORT SELLING THESE SECURITIES AND PARTICIPATED IN THE PROMULGATION OF NEGATIVE STORIES ABOUT THE FIRM AND CERTAIN OF THE SECURITIES OVER A NATIONALLY-TELEVISED CABLE BROADCAST; FIERO BROTHERS AND OTHER RESPONDENTS, ENGAGED IN SHORT SALES IN PROPRIETARY ACCOUNTS WHILE NOT REGISTERED AS A MARKET MAKER AND WITHOUT THE REQUISITE AFFIRMATIVE DETERMINATION REQUIREMENT. [PENDING NASD COMPLAINT NO. CAF980002]mm

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