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Two Firms Pay $500K To Settle SEC Allegations

Law360 (September 7, 2007, 12:00 AM EDT) -- Two brokerage firms have agreed to pay $250,000 each to put to rest claims by the U.S. Securities and Exchange Commission that the companies failed to properly supervise a former employee who misappropriated over $31 million from more than 100 victims.

On Thursday, the SEC entered settled enforcement actions against Commonwealth Equity Services LLP and Detwiler, Mitchell, Fenton & Graves Inc., both of which at one time employed Bradford J. Bleidt. In 2005, Bleidt was sentenced to 11 years in prison after pleading guilty to fraud....
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