NYSE Fines Janney Montgomery Scott $2.5M

Law360, New York (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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.