Law360, New York (April 6, 2006, 12:00 AM EDT) -- Securities regulator the National Association of Securities Dealers has filed a complaint against online discount brokerage firm A.B. Watley Direct Inc. and two of its former brokers, charging them with allowing late trading and improper market timing of mutual funds on behalf of hedge fund clients.
The NASD also said that it has charged the company’s president, Robert Malin, and its executive vice president, Linus Nwaigwe, with supervisory lapses.
The two brokers, Robert Conway and Kenneth Ng, were registered with both ABW Direct and A.B. Watley,...
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.