Kaplan & Co. Penalized For Supervision Failures

Law360, New York (December 21, 2006, 12:00 AM EST) -- In yet another market timing settlement, Kaplan & Co. Securities Inc. and its chief executive, Jed P. Kaplan, have agreed to pay $150,000 to settle charges that they failed to properly supervise two former brokers.

The cease-and-desist order, issued Monday by the U.S. Securities and Exchange Commission, said that Kaplan & Co. failed to properly maintain its books and records regarding the time and receipt of mutual fund purchases.

CEO Kaplan aided and abetted those books and records violations, the SEC added.

Kaplan & Co. and...
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