NYSE Fines Two Banks For Improper Stock Loans

Law360, New York (October 6, 2006, 12:00 AM EDT) -- The New York Stock Exchange has fined two brokerages for stock loan violations, slapping CIBC World Markets and Nandra Group Inc. with $200,000 and $75,000 fines, respectively.

“In this case, a below-market transaction that included a sham finder’s fee went undetected because of inadequate supervision, including no review of revealing Bloomberg e-mails,” said Susan L. Merrill, chief of enforcement, NYSE Regulation Inc. “Firms are again reminded to assess the adequacy of the supervision, control and surveillance of their stock loan departments and their personnel.”

In addition...
To view the full article, register now.