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Former General Counsel Targeted In Late Trading Probe

Law360 (September 26, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission has initiated administrative proceedings against a former JB Oxford Holdings Inc. general counsel over his alleged role in a late trading scheme.

The SEC contends that Scott G. Monson—general counsel at JB Oxford Holdings Inc. and its broker-dealer firms, JB Oxford & Co. and National Clearing Corp., from 1997 to 2003—drafted the agreement quantifying the late trading arrangement between National Clearing Corp. and its institutional customers.

Though others at National Clearing Corp. negotiated the arrangement allowing institutional customers to revise...
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