Specialist Boss Fined Over Improper Trading

Law360, New York (February 6, 2007, 12:00 AM EST) -- The former president of a New York specialist firm, who allegedly ignored repeated warnings of widespread trading violations, has been fined by regulators for failing to properly supervise his traders.

As part of disciplinary measures enacted by the New York Stock Exchange the top specialist at Fleet Specialist Inc., Myles Gillespie, has been fined $125,000 and is permanently barred from working on the exchange floor.

The NYSE has also censured specialist Thomas Verdiglione, of Van der Moolen Specialists USA, and brought charges against nine others in...
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