FINRA Expels Trading Co., CEO Over Short-Selling

Law360, New York (August 5, 2009, 3:42 PM EDT) -- A Financial Industry Regulatory Authority hearing panel has expelled Legacy Trading Co. LLC, barred its CEO and owner from the securities industry, and fined both more than $1 million, finding that they made almost $900,000 from illegally short-selling stocks.

The FINRA panel also ruled that the Edmond, Okla.-based firm and its owner Mark Uselton had failed to maintain required books and records, provided false information, and refused to provide testimony to the authority, it said in a Wednesday statement.

The panel determined that Legacy and Uselton...
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