Muni Bond Brokerages Settle With SEC

Law360, New York (September 27, 2007, 12:00 AM EDT) -- Two municipal bond brokerages accused of engaging in fraudulent practices have settled with the U.S. Securities and Exchange Commission, with both the firms and their chief executive officers agreeing to fines and other penalties.

The SEC said Thursday that settlements had been reached with Regional Brokers Inc. and Discount Munibrokers, as well as with Regional CEO Patrick Lubin and Discount Munibrokers CEO Donald Keck.

Regional has agreed to pay a $100,000 civil penalty and to certify to the commission within six months that the procedures that...
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