NYSE Fines Van Der Moolen $3.5M For Misconduct

Law360, New York (July 12, 2006, 12:00 AM EDT) -- The New York Stock Exchange Regulation has stuck Dutch stock trading company Van der Moolen Specialists with a $3.5 million fine for alleged misconduct in its stock loan department.

The NYSE Regulation issued the fine Monday for the alleged misconduct, which included books and records violations, engaging in transactions at away-from-market rebate rates, and paying millions of dollars in unjustified finders fees to friends.

“Van der Moolen’s complete lack of supervision of its stock loan business resulted in millions of dollars in fees being improperly channeled...
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