FINRA Clears Thomas Weisel In $16M ARS ‘Stuffing’ Case

Law360, New York (November 9, 2011, 7:35 PM EST) -- A hearing panel for the Financial Industry Regulatory Authority on Tuesday cleared Thomas Weisel Partners LLC of allegations that it had “stuffed” approximately $15.7 million in auction rate securities into three corporate clients' accounts without their knowledge to raise money for corporate bonuses.

Despite clearing the firm and the former head of the company's fixed income desk, Stephen "Henry" Brinck Jr., of most charges, the panel did find TWP did not have adequate supervisory policies and procedures at its fixed income desk and fined it $200,000...
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