To: Q. who wrote (977 ) 3/26/1999 6:42:00 PM From: EL KABONG!!! Read Replies (1) | Respond to
John,sec.gov sec.gov sec.gov Burnett Grey & Co., Inc. (Atlanta, Georgia). The firm was censured, fined $100,000, and expelled from NASD membership. The sanctions were based on findings that the firm accepted consideration from, or on behalf of, issuers for filing Form 211s with the NASD to list each issuer's securities on the OTC Bulletin Board®. The firm also received unfair and unreasonable compensation in connection with public offerings. In addition, the firm failed to establish, implement, and enforce reasonable supervisory procedures designed to assure compliance with NASD rules and policies and federal securities laws involving public underwriting and investment banking activities even though it engaged in such activities. nasdr.com Burnett Grey & Co., Inc. (Atlanta, Georgia) and Linda M. King (Registered Representative, Marietta, Georgia). The firm was fined $20,000 and expelled from NASD membership. A separate Offer of Settlement was submitted by King pursuant to which she was fined $5,000, suspended from association with any NASD member in any capacity for six months, and barred from association with any NASD member in any proprietary, supervisory, or managerial capacity, with the right to reapply to become associated with a member after three years. Without admitting or denying the allegations, King consented to the described sanctions and to the entry of findings that the firm, acting through King, conducted a securities business while failing to maintain sufficient net capital. The findings also stated that the firm, acting through King, failed to accurately make certain books and records and filed materially inaccurate FOCUS Part I and IIA reports. nasdr.com
