MEMBER FIRM: HILL THOMPSON MAGID & CO INC
BD NUMBER: 2202
NASD Member Firm: HILL THOMPSON MAGID & CO INC
BD Number: 2202
12/15/98 SUMMARY INFORMATION
12/15/98: 5/18/98 NASD FINE
ACCEPTANCE, WAIVER & CONSENT; HILL, THOMPSON, MAGID & CO. (HILL) WAS FINED
$7,000 BY NASD REGULATION, INC.'S DEPARTMENT OF ENFORCEMENT AND THE NATIONAL
ADJUDICATORY COUNCIL. THE AWC ALLEGES THAT THE FOLLOWING VIOLATIONS OCCURRED:
HILL FAILED TO CONTEMPORANEOUSLY EXECUTE A CUSTOMER LIMIT ORDER AFTER IT
EXECUTED TRANSACTIONS FOR ITS OWN MARKET MAKING ACCOUNT. THE CONDUCT
CONSTITUTES A VIOLATION OF NASD CONDUCT RULE 2110 AND IM-2110-2. BETWEEN AT
LEAST AUGUST 21 AND OCTOBER 25, 1996, HILL FAILED TO MAKE, KEEP CURRENT, AND
PRESERVE RECORDS OF OPEN LIMIT ORDERS. THIS CONDUCT CONSTITUTES A VIOLATION OF
SEC RULES 17a-3 AND 17a-4 AND NASD CONDUCT RULE 3010. HILL FAILED TO
ESTABLISH, MAINTAIN AND ENFORCE WRITTEN SUPERVISORY PROCEDURES WITH RESPECT TO
MEMBER CUSTOMER LIMIT ORDERS. THIS CONDUCT CONSTITUTES A VIOLATION OF NASD
CONDUCT RULES 2110 AND 3010 [NASD COMPLAINT NO. CMS980050 AWC]hk
12/15/98: 12/28/95 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HILL THOMPSON MAGID & CO INC. WAS FINED $250
BY THE NASD. THE NASD ALLEGED VIOLATION OF ARTICLE III, SECTION 1 OF THE
ASSOCIATION'S RULES OF FAIR PRACTICE IN THAT THE FIRM UPDATED A QUOTATION IN
THE BULLETIN BOARD SYSTEM WHICH WAS OUTSIDE THE ALLOWABLE TIME FOR UPDATING
FOREIGN OR ADR SECURITIES ON THE BULLETIN BOARD. [NASD COMPLAINT NO. CMS950105
AWC] jm
12/15/98: 2/13/95 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HILL THOMPSON MGID & CO INC. WAS FINED $500 BY
THE NASD. THE NASD ALLEGED VIOLATION OF ARTICLE III, SECTION 1 OF THE
ASSOCIATION'S RULES OF FAIR PRACTICE IN THAT THE FIRM UPDATED QUOTATIONS IN
THE BULLETIN BOARD SYSTEM OUTSIDE THE ALLOWABLE TIME FOR UPDATING FOREIGN OR
ADR SECURITIES ON THE BULLETIN BOARD. [NASD COMPLAINT NO. CMS940127 AWC] jm
12/15/98: 4/19/94 NASD FINE
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ACCEPTANCE, WAIVER AND CONSENT; HILL THOMPSON MAGID & CO INC. WAS FINED $250
BY THE NASD. THE NASD ALLEGED VIOLATIONS OF ARTICLE III, SECTION 1 OF THE
ASSOCIATION'S RULES OF FAIR PRACTICE IN THAT THE FIRM UPDATED QUOTATIONS IN
THE BULLETIN BOARD SYSTEM OUTSIDE THE ALLOWABLE TIME FOR UPDATING FOREIGN OR
ADR SECURITIES ON THE BULLETIN BOARD. [NASD COMPLAINT NO. CMS940004 AWC] jm
12/15/98: 4/19/94 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HILL THOMPSON MAGID & CO INC. WAS FINED $250
BY THE NASD. THE NASD ALLEGED VIOLATIONS OF ARTICLE III, SECTION 1 OF THE
ASSOCIATION'S RULES OF FAIR PRACTICE IN THAT THE FIRM UPDATED QUOTATIONS IN
THE BULLETIN BOARD SYSTEM OUTSIDE THE ALLOWABLE TIME FOR UPDATING FOREIGN OR
ADR SECURITIES ON THE BULLETIN BOARD. [NASD COMPLAINT NO. CMS940005 AWC] jm
12/15/98: 3/28/91 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HILL THOMPSON MAGID & CO INC. WAS FINED $250
BY THE NASD. THE NASD ALLEGED VIOLATIONS OF PART VI, SECTION 5(a) OF THE
SCHEDULE D IN THAT THE FIRM FAILED TO REPORT THE NASDAQ VOLUME. [NASD
COMPLAINT NO. MS-976-AWC (A)] jm
12/15/98: 3/28/91 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HILL THOMPSON MAGID & CO INC. WAS FINED $500
BY THE NASD. THE NASD ALLEGED VIOLATIONS OF PART VI, SECTION 5(a) OF SCHEDULE
D IN THAT THE FIRM FAILED TO REPORT THEIR NASDAQ VOLUME. [NASD COMPLAINT NO.
MS-1012-AWC (A)] jm
12/15/98: 1/27/86 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HILL THOMPSON MAGID & CO INC; WAS FINED $250
BY THE NASD. THE NASD ALLEGED VIOLATIONS OF PART I SECTION C.3.(c) OF SCHEDULE
D OF THE ASSOCIATION'S BY-LAWS IN THAT THE FIRM FAILED TO REPORT ITS NASDAQ
VOLUME ON AUGUST 7, OCTOBER 10, AND DECEMBER 9, 1985. [NASD COMPLAINT NO.
MS-225-AWC] jm
12/15/98: 9/08/71 NASD CENSURE AND FINE
HILL THOMPSON MAGID & CO INC. WAS CENSURED AND FINED $1,000 BY THE NASD FOR
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ALLEGED VIOLATIONS OF ARTICLE III - SECTION 1 IN THAT THEY FILED AN INACCURATE
AND MISLEADING QUARTERLY FINANCIAL REPORT ON OR ABOUT MAY 29, 1971. [NASD
COMPLAINT NO. #NY: SC-264] jm
12/15/98: 4/07/71 NASD SUSPENSION
ACCEPTANCE OF OFFER OF SETTLEMENT; HILL THOMPSON MAGID & CO INC. WAS SUSPENDED
FROM MEMBERSHIP IN THE ASSOCIATION FOR FIVE (5) BUSINESS DAYS, BY THE NASD FOR
ALLEGED FAILURE TO MAINTAIN AND KEEP CURRENT PROPER BOOKS AND RECORDS; AND,
ENTERED INTO TRANSACTIONS WITH PUBLIC CUSTOMERS AND OTHER BROKER-DEALERS WHEN
BY REASON OF THE CONDITION OF THE FIRM'S BOOKS AND RECORDS IT NEITHER KNEW NOR
COULD HAVE KNOWN ITS TRUE CAPITAL POSITION OR ITS ABILITY TO READILY
CONSUMMATE SUCH TRANSACTIONS AS THEY AROSE. [NASD COMPLAINT NO. NY-1185] jm
12/15/98: 6/28/62 NASD CENSURE AND FINE
HILL THOMPSON MAGID & CO INC. WAS CENSURED AND FINED $200 BY THE NASD FOR
ALLEGED FAILURE TO MAKE A BONA FIDE PUBLIC OFFERING OF A COMMON STOCK. [NASD
COMPLAINT NO. NY-510] jm
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