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NYSE Fines Janney Montgomery Scott $2.5M

Law360 (August 14, 2007, 12:00 AM EDT) -- New York Stock Exchange Regulation Inc. announced Tuesday that it has fined investment firm Janney Montgomery Scott LLC $2.5 million for alleged off-the-market transactions involving its stock loan department.

“When a stock loan finder is inserted into a transaction without any business purpose, it directly harms the counterparties involved and increases the cost of stock lending,” said Richard G. Ketchum, CEO of NYSE Regulation. “That’s what happened in this case against Janney Montgomery. In some instances, payments were made to relatives or friends who did nothing...
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