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Microcap & Penny Stocks : JAWS;A P/E of 2 with 150%/yr Erngs Growth!! -- Ignore unavailable to you. Want to Upgrade?

To: myelin2 who wrote (1863)	6/22/1998 2:42:00 PM
From: Randomm	Read Replies (1) \| Respond to of 4230

Thought everyone might find this article of some interest: N.J. brokerages fined for violations Wednesday, June 17, 1998 By LOUIS LAVELLE Staff Writer Two New Jersey brokerage firms with a history of disciplinary problems have been fined $25,000 for trading violations, and a $230,000 penalty for a third firm has been upheld on appeal. The National Association of Securities Dealers Regulation on Tuesday said it has fined aWoodbridge brokerage, A. S. Goldmen & Co., $13,000. It has fined Troster Singer Corp., a division of Jersey City-based Spear, Leeds & Kellog, $12,000. Both companies consented to the penalties but did not admit or deny wrongdoing. A. S. Goldmen was accused of violating trade reporting rules on more than 100 stock transactions in 1996. Troster Singer was accused of violating rules on nearly 100 transactions that year. For A. S. Goldmen, the latest fine was the third disciplinary action in about a year. In February, NASD Regulation ordered the company and three officials to pay fines totaling more than $300,000 and restitution of more than $1 million to 500 investors in 35 states, including New Jersey. A. S. Goldmen was accused of manipulating the price of warrants in Innovative Tech Systems Inc., a Pennsylvania software company that trades on the Nasdaq Small Cap Market. In the four days after the company's initial public offering in 1994, NASD Regulation found that A. S. Goldmen was able to reap more than $1 million in illicit profits by increasing the price of the warrants to almost $2 a share and charging customers a markup of as much as 140 percent. NASD considers markups of more than 10 percent fraudulent. The company has denied any wrongdoing in that case. In 1997, 13 brokers from the firm were barred from the industry, allegedly for hiring impostors to take licensing exams for them. A. S. Goldmen's president and owner, Anthony Marchiano, did not return calls Tuesday. Troster Singer also has a history of disciplinary problems. In February, the company was ordered to pay $40,000 in fines and $174,765 in restitution for failing to properly fill 4,587 customer limit orders. The orders, which instruct brokers to buy or sell stocks at pre-specified prices, were programmed into the firm's automated trade execution system "in a manner which resulted in consistent and systematic violations" of NASD rules, the regulators said. The company paid a $15,000 fine in October after being accused of failing to execute orders that were presented to the firm at its offer price. And in May it agreed to pay $38,500 to settle charges that it entered stock quotes on Nasdaq that exceeded the allowable spread. The company did not admit or deny wrongdoing in either case. A spokeswoman for Troster Singer, Robin Roller, said the company did not comment on disciplinary matters. In other disciplinary action, NASD Regulation announced that the National Adjudicatory Council has affirmed its sanctions against a Mendham brokerage, Greater Metropolitan Investment Services Inc., and a company principal, James Patten of Bernardsville. In April, the two were fined a total of $230,000 and Patten was suspended for two years for reporting more than 70 fictitious transactions to Nasdaq at or near the close of market to affect the closing price of securities. (Troster Singer Corp. is one of the mm's involved with TGSK.) Randomm