We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

FINRA Fines Broker For Short-Selling Violations

Law360 (March 10, 2009, 12:00 AM EDT) -- Securities broker First New York Securities LLC and four of its traders have been ordered to pay more than $436,000 by the Financial Industry Regulatory Authority, which alleged that they improperly covered short positions with secondary offering shares.

FINRA announced Tuesday that FNYS was ordered to pay a fine of $170,000 and disgorgement of $171,000, while four of its traders were fined a total of $95,000.

FNYS and the traders allegedly violated Rule 105 of the U.S. Securities and Exchange Commission's Regulation M, which is intended...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.