Law360 (June 11, 2007, 12:00 AM EDT) -- NYSE Regulation Inc. said Monday that it had fined investment firm J.J.B. Hilliard, W.L. Lyons Inc. $1 million for allegedly selling unregistered securities through a private placement that didn't qualify for an exemption.
The firm, known as Hilliard Lyons, was also cited for offering documents that contained material misrepresentations and omissions of fact, and for supervisory and record-keeping violations. In addition to the $1 million fine, it will be forced to pay up to $3.6 million in restitution to its customers, and it must now notify the NYSE of its supervisory systems and controls if it ever re-enters the private placement...
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