Brokers' Boss Fined By NYSE Over Market Timing

Law360, New York (January 12, 2007, 12:00 AM EST) -- The boss of three former Merrill Lynch brokers embroiled in the 2003 market-timing scandal has been fined by the New York Stock Exchange for failing to supervise the trio.

Former UBS Financial Services branch office manager John Borgese has been ordered to pay $50,000 for violations of NYSE rules governing the conduct of member organizations.

The NYSE hearing board found Borgese failed to “reasonably discharge his duties and obligations in connection with supervision and control of mutual find trading activities of certain employees.”

Borgese, who consented...
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