HRZG - part 2
12/15/98: 7/07/93 NASD FINE
HERZOG, HEINE, GEDULD INC. WAS FINED $2,000 BY THE NASD FOR VIOLATIONS OF PART
VI, SECTION 2(d) OF SCHEDULE D FOR ENTERING NASDAQ QUOTATIONS CONTAINING
EXCESS SPREADS.*** $2,000.00 PAID ON 7/27/93 INVOICE #93-12-568***[NASD
COMPLAINT NO. CMS930018]
12/15/98: 4/08/93 NASD FINE
HERZOG, HEINE, GEDULD INC. WAS FINED $2,000 BY THE NASD FOR VIOLATIONS OF PART
VI SECTION 2(d) OF SCHEDULE D FOR ENTERING NASDAQ QUOTATIONS CONTAINING EXCESS
SPREADS.*** $2,000.00 PAID ON 4/27/93 INVOICE #93-MS-345***[NASD COMPLAINT NO.
CMS920119]hk
12/15/98: 3/18/93 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED $250.00
BY THE NASD. THE NASD ALLEGED VIOLATIONS OF ARTICLE III, SECTION 1 OF THE
RULES OF FAIR PRACTICE IN THAT CERTAIN INDIVIDUALS UPDATED QUOTATIONS IN THE
BULLETIN BOARD SYSTEM OUTSIDE THE ALLOWABLE TIME FOR UPDATING FOREIGN OR ADR
SECURITIES ON THE BULLETIN BOARD.***$250.00 PAID ON 4/2/93 INVOICE
#93-MS-269***[NASD COMPLAINT NO. CMS930003]hk
12/15/98: 7/21/92 NASD FINE
HERZOG, HEINE, GEDULD INC. WAS FINED $3,000 BY THE NASD FOR VIOLATIONS OF PART
VI, SECTION 2(d) OF SCHEDULE D FOR ENTERING NASDAQ QUOTATIONS CONTAINING
EXCESS SPREADS.*** $3,000.00 PAID ON 8/11/92 INVOICE #92-MS-737***[NASD
COMPLAINT NO. CMS920081] hk
12/15/98: 6/03/92 NASD FINE
HERZOG, HEINE, GEDULD INC. WAS FINED $2,000 BY THE NASD FOR VIOLATIONS OF PART
VI, SECTION 2(d) OF SCHEDULE D FOR ENTERING NASDAQ QUOTATIONS CONTAINING
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EXCESS SPREADS.*** $2,000.00 PAID ON 6/22/92 INVOICE #92-MS-580***[NASD
COMPLAINT NO. CMS920059-AWC]hk
12/15/98: 2/21/92 NASD FINE
HERZOG, HEINE, & GEDULD INC. WAS FINED $3,000 BY THE NASD FOR VIOLATIONS OF
PART IV, SECTION 2(D) OF SCHEDULE D. WITHOUT ADMITTING OR DENYING THE
ALLEGATIONS, THE FIRM CONSENTED TO THE FOLLOWING FINDINGS: THE FIRM ENTERED
NASDAQ QUOTATIONS CONTAINING EXCESS SPREADS.***$3,000.00 PAID ON 3/21/92
INVOICE #92-MS-242***[NASD COMPLAINT NO. CMS910175]hk
12/15/98: 9/30/91 NASD ARBITRATION
SUBJECT OF AN NASD ARBITRATION. THE ARBITRATION INVOLVED A PUBLIC CUSTOMER
AND WAS FILED BECAUSE OF THE FOLLOWING DISPUTE(S): ACCOUNT
RELATED-NEGLIGENCE. THE AWARD INCLUDED: ACTUAL/COMPENSATORY DAMAGES, AMOUNT
ASKED BY CUSTOMER-$2,750.00. RELIEF REQUESTS HAVE BEEN DENIED IN FULL. [NASD
ARBITRATION CASE NO. 90-02063]
12/15/98: 7/10/91 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED $500.00
BY THE NASD. THE NASD ALLEGE VIOLATIONS OF ARTICLE III, SECTION 1 AND RULE
15C2-11.***$500.00 PAID ON 8/5/91 INVOICE #91-MS-842***[NASD COMPLAINT NO.
MS-1069-AWC]hk
12/15/98: 5/29/91 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; FINED $2,000 BY THE NASD FOR VIOLATIONS OF
PART VI, SECTION 2(D) OF SCHEDULE D. WITHOUT ADMITTING OR DENYING THE
COMPLAINT ALLEGATIONS, THE FIRM CONSENTED TO THE FOLLOWING FINDING: THE FIRM
ENTERED NASDAQ QUOTATIONS CONTAINING EXCESS SPREADS.***$2,000.00 PAID ON
9/3/91 INVOICE #91-MS-990***[NASD COMPLAINT NO. MC-1094-AWC]hk
12/15/98: 3/28/91 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED
$1,000.00 BY THE NASD. THE NASD ALLEGE VIOLATIONS OF PART VI, SECTION 2D OF
SCHEDULE D FOR ENTERING NASDAQ QUOTATIONS CONTAINING EXCESS SPREADS.
7
***$1,000.00 PAID ON 5/3/91 INVOICE #91-MS-442***[NASD COMPLAINT NO.
MS-1003-AWC]
12/15/98: 1/09/91 NYSE ARBITRATION
SUBJECT OF A NEW YORK STOCK EXCHANGE ARBITRATION AWARD. THE ARBITRATION
INVOLVED A PUBLIC CUSTOMER AND WAS FILED BECAUSE OF THE FOLLOWING DISPUTE(S):
NEGLIGENCE IN THAT THE FIRM FAILED TO DISCLOSE THAT THE PRICE PER CONTRACT WAS
REDUCED ON THE EX-DIVIDEND DATE. THE AWARD INCLUDED: ACTUAL/COMPENSATORY
DAMAGES, AMOUNT ASKED BY CUSTOMER $8,756.00, AMOUNT AWARDED TO CUSTOMER
$8,756.00 PLUS INTEREST FROM 10/20/89 TO THE DATE OF PAYMENT.
12/15/98: 1/09/91 NYSE ARBITRATION
SUBJECT OF A NEW YORK STOCK EXCHANGE ARBITRATION. THE ARBITRATION INVOLVED A
PUBLIC CUSTOMER AND WAS FILED BECAUSE OF THE FOLLOWING DISPUTE(S): FAILURE TO
EXECUTE ORDER TO TRADE. ACTUAL/COMPENSATORY DAMAGES, AMOUNT ASKED BY CUSTOMER
$10,000.00, CUSTOMER'S CLAIM IS DISMISSED.
12/15/98: 10/19/90 NASD ARBITRATION
SUBJECT OF AN NASD ARBITRATION AWARD. THE ARBITRATION INVOLVED A PUBLIC
CUSTOMER AND WAS FILED BECAUSE OF THE FOLLOWING DISPUTE(S):
EXECUTIONS-FAILURE TO EXECUTE. THE AWARD INCLUDED: ACTUAL/COMPENSATORY
DAMAGES, AMOUNT ASKED BY CUSTOMER-$11,625.00, AMOUNT AWARDED TO
CUSTOMER-$4,625.00. [NASD ARBITRATION CASE NO. 89-02639]
12/15/98: 11/20/89 NASD ARBITRATION
SUBJECT OF AN NASD ARBITRATION. THE ARBITRATION INVOLVED A PUBLIC CUSTOMER
AND WAS FILED BECAUSE OF THE FOLLOWING DISPUTE(S): EXECUTIONS-FAILURE TO
EXECUTE. THE AWARD INCLUDED: ACTUAL/COMPENSATORY DAMAGES, AMOUNT ASKED BY
CUSTOMER-$0.00; OTHER COSTS, AMOUNT ASKED BY CUSTOMER-$0.00; OTHER COSTS,
AMOUNT ASKED BY CUSTOMER-$0.00. RELIEF REQUESTS HAVE BEEN DENIED IN FULL.
[NASD ARBITRATION CASE NO. 88-03710]
12/15/98: 8/10/89 NYSE FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $1,000.00 BY THE NEW YORK STOCK EXCHANGE
8
FOR FAILING TO PROMPTLY REPORT DISCIPLINARY PROCEEDINGS BY THE AMEX AND NASD.
[NYSE DOCKET/CASE NO. UNSPECIFIED]
12/15/98: 7/20/89 MASSACHUSETTS FINE
OFFER OF SETTLEMENT; FINED $25,000 BY THE STATE OF MASSACHUSETTS FOR FAILURE
TO COMPLY WITH STATE REQUIREMENTS REGARDING THE TIMELY DISCLOSURE OF
DISCIPLINARY PROCEEDINGS BY SECURITIES SELF REGULATORY ORGANIZATIONS. WITHOUT
ADMITTING OR DENYING THE COMPLAINT ALLEGATIONS, THE FIRM CONSENTED TO THE
FOLLOWING FINDINGS: THE FIRM FAILED TO DISCLOSE OVER 25 DISCIPLINARY ACTIONS
TAKEN AGAINST IT BY THE NASD, NYSE AND ASE DURING 1980-1987. THE STATE FURTHER
ORDERED THE FIRM TO ADOPT IMPROVED SUPERVISION AND DISCLOSURE PROCEDURES TO
AVOID FUTURE VIOLATIONS OF THE STATUTE. [DOCKET/CASE NO. E-88-422]
12/15/98: 2/07/89 NYSE FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $1,000.00 BY THE NEW YORK STOCK EXCHANGE
FOR FAILURE TO SUBMIT AUDIT TRAIL DATA. [NYSE DOCKET/CASE NO. UNSPECIFIED]
12/15/98: 11/21/88 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED
$1,000.00 BY THE NASD. THE NASD ALLEGE VIOLATIONS OF PART VI, SECTION 2D OF
SCHEDULE D FOR ENTERING NASDAQ QUOTATIONS CONTAINING EXCESS SPREADS. ***$1,000
FINE PAID 10/13/88***[NASD COMPLAINT MS-772-AWC]hk
12/15/98: 9/28/88 AMEX FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $100.00 BY THE AMERICAN STOCK EXCHANGE
FOR FAILURE TO SUBMIT TRADE DATA IN A TIMELY FASHION. [AMEX DOCKET/CASE NO.
UNSPECIFIED]
12/15/98: 9/13/88 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED $1,000
BY THE NASD. THE NASD ALLEGED THAT THE FIRM VIOLATED PART VI, SECTION 2(d) OF
SCHEDULE D FOR ENTERING NASDAQ QUOTATIONS CONTAINING EXCESS SPREADS. [NASD
COMPLAINT NO. MS-726] jm
9
12/15/98: 11/24/87 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT. FINED $500.00 BY THE NASD FOR VIOLATIONS OF
PART VI, SECTION 2(d) OF SCHEDULE D. WITHOUT ADMITTING OR DENYING THE
COMPLAINT ALLEGATIONS, CONSENTED TO THE FOLLOWING FINDINGS: ENTERED NASDAQ
QUOTATIONS CONTAINING EXCESS SPREADS. [COMPLAINT #MS-619-AWC].
12/15/98: 3/16/87 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED $500.00
BY THE NASD. THE NASD ALLEGE VIOLATIONS OF PART I, SECTION C.3.A OF SCHEDULE D
OF THE ASSOCIATION'S BY-LAWS IN THAT THE FIRM, ON 11/20/86 AND 12/12/86,
ENTERED QUOTATIONS INTO THE NASDAQ SYSTEM THAT WERE NOT REASONABLY RELATED TO
THE PREVAILING MARKET. [NASD COMPLAINT NO. MS-472-AWC]
12/15/98: 12/15/86 NASD SUSPENSION
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS CENSURED,
FINED $50,000.00, AND SUSPENDED AS MARKET MAKER FOR FOR FIVE BUSINESS DAYS BY
THE NASD. THE NASD ALLEGED VIOLATIONS OF SCHEDULE D OF THE ASSOCIATION'S
BY-LAWS IN THAT THE FIRM, ON OR ABOUT 8/22/84 TO ON OR ABOUT 4/10/85, ENTERED
33 FICTITIOUS TRADE REPORTS INTO THE NASDAQ SYSTEM. THE COMPLAINT ALLEGED
VIOLATIONS OF ARTICLE III, SECTION 1, 5, 18 AND 27 OF THE ASSOCIATION'S RULES
OF FAIR PRACTICE IN THAT THE FIRM FAILED TO ESTABLISH, MAINTAIN AND REASONABLY
ENFORCE WRITTEN PROCEDURES WHICH WOULD HAVE ENABLED THEM TO PROPERLY SUPERVISE
THE ACTIVITIES OF HHG'S ASSACIATED PERSONS. THE COMPLAINT ALSO ALLEGES
VIOLATIONS OF ARTICLE IV, SECTION 5 OF THE RULES OF FAIR PRACTICE IN THAT THE
FIRM WAS REQUESTED BY THE NASD TO PROVIDE INFORMATION THROUGH THE PRODUCTION
OF DOCUMENTS AND WRITTEN RESPONSES. IN CONNECTION WITH THE NASD'S REQUEST, THE
FIRM, AMONG OTHER THINGS: A) FAILED TO PROVIDE INFORMATION REGARDING A CERTAIN
STOCK IN A TIMELY MANNER REGARDING AN INITIAL 2/7/85 REQUEST; B) FAILED TO
PROVIDE INFORMATION REGARDING CERTAIN STOCKS IN A TIMELY MANNER C) FAILED TO
PROVIDE INFORMATION ON CERTAIN STOCKS REGARDING A 1/9/86 REQUEST. [NASD
COMPLAINT NO. MS-262]
12/15/98: 12/15/86 NASD CENSURE AND FINE
OFFER OF SETTLEMENT; CENSURED, FINED $50,000.00 AND SUSPENDED AS MARKET MAKER
IN CERTAIN SECURITIES FOR A PERIOD OF FIVE BUSINESS DAYS, FOR VIOLATIONS OF
SCHEDULE D OF THE ASSOCIATION'S BY-LAWS; ARTICLE III, SECTIONS 1, 5, 18 AND 27
10
OF THE ASSOCIATION'S RULES OF FAIR PRACTICE; AND ARTICLE IV, SECTION 5 OF THE
ASSOCIATION'S RULES OF FAIR PRACTICE. WITHOUT ADMITTING OR DENYING THE
COMPLAINT ALLEGATIONS, CONSENTED TO THE FOLLOWING FINDINGS: ACTING THROUGH A
REPRESENTATIVE OF THE FIRM, ENTERED 33 FICTITIOUS TRADE REPORTS INTO THE
NASDAQ SYSTEM; FAILED TO ESTABLISH, MAINTAIN AND REASONABLY ENFORCE WRITTEN
PROCEDURES WHICH WOULD HAVE ENABLED THE FIRM TO PROPERLY SUPERVISE THE
ACTIVITIES OF ASSOCIATED PERSONS TO ASSURE COMPLIANCE WITH APPLICABLE
SECURITIES LAWS, RULES, REGULATIONS AND STATEMENTS OF POLICY PROMULGATED
THEREUNDER AND WITH THE RULES OF THE ASSOCIATION; AND FAILED TO PROVIDE
INFORMATION REGARDING CERTAIN SPECIFIC TRANSACTIONS IN A TIMELY MANNER.
(MARKET SURVEILLANCE COMMITTEE COMPLAINT #MS-262). \para JUNE 10, 1986 :
ACCEPTANCE, WAIVER AND CONSENT. CENSURED AND FINED $2,500.00 BY THE NASD FOR
VIOLATIONS OF PART I, SECTION C.3.(a) OF SCHEDULE D OF THE ASSOCIATION'S
BY-LAWS. WITHOUT ADMITTING OR DENYING THE COMPLAINT ALLEGATIONS, CONSENTED TO
THE FOLLOWING: ENTERED QUOTATIONS INTO THE NASDAQ SYSTEM THAT WERE NOT
REASONABLY RELATED TO THE PREVAILING MARKET. [COMPLAINT #MS-264-AWC].
12/15/98: 9/09/86 NYSE FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $1,000.00 BY THE NEW YORK STOCK EXCHANGE
FOR VIOLATION OF NYSE RULE 132.30. [NYSE DOCKET/CASE NO. UNSPECIFIED]
12/15/98: 4/07/86 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED $250.00
BY THE NASD. THE NASD ALLEGED VIOLATIONS OF SECTION 2 OF SCHEDULE G OF THE
ASSOCIATION'S BY-LAWS IN THAT THE FIRM, REPORTED THROUGH THE NASDAQ SYSTEM
FOUR THIRD MARKET RETAIL PRINCIPAL TRANSACTIONS AT PRICES THAT INCLUDED A
MARK-DOWN OR OTHER SALES CHARGE. [NASD COMPLAINT NO. MS-260-AWC]
12/15/98: 1/28/86 NASD FINE
ACCEPTANCE, WAIVER AND CONSENT; HERZOG, HEINE, GEDULD, INC. WAS FINED
$2,000.00 BY THE NASD. THE NASD ALLEGED VIOLATIONS OF PART I, SECTION C.3.A OF
SCHEDULE D OF THE ASSOCIATION'S BY-LAWS IN THAT THE FIRM ENTERED QUOTATIONS
INTO THE NASDAQ SYSTEM THAT WERE NOT REASONABLY RELATED TO THE PREVAILING
MARKET. [NASD COMPLAINT NO. MS-199-AWC]
12/15/98: 8/02/85 NASD CENSURE AND FINE
ACCEPTANCE, WAIVER AND CONSENT. CENSURED AND FINED $6,000.00 BY THE NASD.
11
WITHOUT ADMITTING OR DENYING THE COMPLAINT ALLEGATIONS, CONSENTED TO THE
FOLLOWING FINDINGS: VIOLATIONS OF TRADE REPORTING. [COMPLAINT #MS-132-AWC].
12/15/98: 4/19/85 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $250.00 BY THE NASD FOR VIOLATIONS OF
"NO VOLUME". [NASD COMPLAINT NO. MS-112-SC]
12/15/98: 4/11/85 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $1,000.00 BY THE NASD FOR VIOLATION OF
EXCESS SPREAD. [NASD COMPLAINT NO. N-EX-23]
12/15/98: 1/11/84 NASD FINE
HERZOG, HEINE, GEDULG, INC. WAS FINED $750.00 BY THE NASD FOR EXCESS SPREAD.
[NASD COMPLAINT NO. NSE-150]
12/15/98: 9/27/83 AMEX FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $50.00 BY THE AMERICAN STOCK EXCHANGE
FOR FAILURE TO SUBMIT TRADE DATA IN A TIMELY FASHION. [AMEX NO. UNSPECIFIED]
12/15/98: 8/03/83 AMEX FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $50.00 BY THE AMERICAN STOCK EXCHANGE
FOR FAILURE TO SUBMIT TRADE DATA IN A TIMELY FASHION. [AMEX DOCKET/CASE NO.
UNSPECIFIED]
12/15/98: 5/11/83 AMEX FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $50.00 BY THE AMERICAN STOCK EXCHANGE
FOR FAILURE TO SUBMIT TRADE DATA IN A TIMELY FASHION. [AMEX DOCKET/CASE NO.
UNSPECIFIED]
12/15/98: 5/02/83 NASD FINE
12
HERZOG, HEINE, GEDULD, INC. WAS FINED $250.00 BY THE NASD FOR EXCESS SPREAD.
[NASD COMPLAINT NO. UNSPECIFIED]
12/15/98: 10/01/82 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $250.00 BY THE NASD FOR UNEXCUSED
WITHDRAWAL. [NASD COMPLAINT NO. UNSPECIFIED]
12/15/98: 11/18/81 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $200.00 BY THE NASD FOR UNEXCUSED
WITHDRAWAL. [NASD COMPLAINT NO. UNSPECIFIED]
12/15/98: 8/03/81 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $700.00 BY THE NASD FOR EXCESS SPREAD,
UNEXCUSED WITHDRAWAL. [NASD COMPLAINT NO. UNSPECIFIED]
12/15/98: 3/12/81 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $200.00 BY THE NASD FOR EXCESS SPREAD.
[NSE-105]
12/15/98: 3/03/81 AMEX FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $50.00 BY THE AMERICAN STOCK EXCHANGE
FOR FAILURE TO SUBMIT OPTION TRADE COMPARISON DATA. [AMEX DOCKET/CASE NO.
UNSPECIFIED]
12/15/98: 1/23/81 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $100.00 BY THE NASD FOR EXCESS SPREAD.
[NASD COMPLAINT NO. NSE-99]
12/15/98: 11/17/80 NASD FINE
13
HERZOG, HEINE, GEDULD, INC. WAS FINED $600.00 BY THE NASD FOR UNEXCUSED
WITHDRAWAL. [NASD COMPLAINT NO. NSW-35]
12/15/98: 11/17/80 NASD FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $700.00 BY THE NASD FOR UNEXCUSED
WITHDRAWAL. [NASD COMPLAINT NO. NSW-36]
12/15/98: 3/13/80 AMEX FINE
HERZOG, HEINE, GEDULD, INC. WAS FINED $100.00 BY THE AMERICAN STOCK EXCHANGE
FOR FAILURE TO SUBMIT TRADE DATA IN A TIMELY FASHION. [AMEX DOCKET/CASE NO.
UNSPECIFIED]
12/15/98: 2/25/80 AMEX FINE
HERZOG, HEINE, GEGULD, INC. WAS FINED $50.00 BY THE AMERICAN STOCK EXCHANGE
FOR FAILURE TO SUBMIT TRADE DATA IN A TIMELY FASHION. [AMEX DOCKET/CASE NO.
UNSPECIFIED]
12/15/98: 1/08/70 NASD CENSURE AND FINE
HERZOG, HEINE, GEDULD, INC. WAS CENSURED AND FINED 250.00 BY THE NASD. [NASD
COMPLAINT NO. NY-SC]
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