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Post by fastwalker on Oct 9, 2004 21:23:47 GMT -5
;D SEC Putting on the Pressure Posted: Sat Oct 09, 2004 5:00 pm diamondlil Gemologist Joined: 05 Jul 2004 Posts: 860 www.indystar.com/articles/1/184930-8061-223.html Report: SEC plans to sanction 3 exchanges over illegal trades October 9, 2004 Washington (AP) -- Federal regulators are planning to sanction three U.S. stock exchanges for allowing trading firms to cheat investors by allegedly failing to fully enforce their rules, according to a newspaper report Friday. The Securities and Exchange Commission is negotiating settlements with the three -- the American Stock Exchange in New York, the National Stock Exchange in Chicago and the Philadelphia Stock Exchange -- and is pressuring them to investigate and possibly punish the trading firms involved, The Wall Street Journal reported. The Philadelphia exchange said the SEC had investigated its policing of trading but would not confirm that the exchange is in settlement talks on the matter with the federal agency. SEC spokesman John Nester declined to comment. Earlier this year, the SEC levied millions of dollars in civil fines on specialist firms that operate on the floor of the New York Stock Exchange for allegedly reaping illegal profits by putting their trades ahead of those of other investors. ************************************************ Another article: money.cnn.com/2004/10/08/markets/sec_exchanges.reut/index.htm SEC may act against exchanges Report: Regulators consider charges against smaller stock exchanges for not enforcing trading rules. October 8, 2004: 7:20 AM EDT NEW YORK (Reuters) - The Securities and Exchange Commission is preparing enforcement actions against three U.S. stock exchanges -- and possibly the head of one of them -- over charges that in-house regulators failed to adequately enforce their own rules, according to a report published Friday. New York's American Stock Exchange, the Philadelphia Stock Exchange and the National Stock Exchange in Chicago are negotiating with the SEC to settle the charges, the Wall Street Journal reported, citing unnamed sources. Federal regulators have evidence that some of the dozens of firms that oversee the buying and selling of securities at these exchanges withheld valuable pricing information from the public or traded for their own accounts before filling public orders, the newspaper reported. In doing so, the firms allegedly took advantage of their knowledge of price trends to get better deals for themselves, shortchanging other investors, the Journal added. The securities regulator is pressing the exchanges to investigate and possibly sanction the trading firms -- which include the floor-trading companies known as specialist firms -- but the federal regulators plan to move first against the exchanges themselves, according to the newspaper. It was not immediately known which firms were under scrutiny. The moves against the exchanges come a year after the New York Stock Exchange became embroiled in controversy over its corporate governance practices and its ability to police itself. The Big Board's former chief executive, Richard Grasso, was ousted last September after accepting a $188 million compensation package. Earlier this year, the NYSE's specialists settled with regulators for more than $240 million amid accusations that they shortchanged investors. As part of any settlement, the SEC is expected to insist that the exchanges spend more money on enforcement, which could entail new technology and increased personnel. Sources told the Journal that while accords with the exchanges could be reached as early as this month, it will likely extend further out. The American and Philadelphia exchanges are now in final talks to settle the charges and are expected to be fined and censured for not honoring a prior commitment to beef up market surveillance and enforcement of rules governing the trading of stock options, the newspaper reported. Representatives for the exchanges could not immediately be reached for comment Friday. Top of page
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Post by fastwalker on Oct 9, 2004 21:24:29 GMT -5
;D Report: SEC plans to sanction 3 exchanges over illegal trades October 9, 2004 Washington (AP) -- Federal regulators are planning to sanction three U.S. stock exchanges for allowing trading firms to cheat investors by allegedly failing to fully enforce their rules, according to a newspaper report Friday. The Securities and Exchange Commission is negotiating settlements with the three -- the American Stock Exchange in New York, the National Stock Exchange in Chicago and the Philadelphia Stock Exchange -- and is pressuring them to investigate and possibly punish the trading firms involved, The Wall Street Journal reported. The Philadelphia exchange said the SEC had investigated its policing of trading but would not confirm that the exchange is in settlement talks on the matter with the federal agency. SEC spokesman John Nester declined to comment. Earlier this year, the SEC levied millions of dollars in civil fines on specialist firms that operate on the floor of the New York Stock Exchange for allegedly reaping illegal profits by putting their trades ahead of those of other investors.
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Post by fastwalker on Oct 9, 2004 21:46:20 GMT -5
;D Axe Falling on the MM's Posted: Sat Oct 09, 2004 1:38 am diamondlil Gemologist Joined: 05 Jul 2004 Posts: 860 snipurl.com/9n5e Market regulator levies $2-million fine in UBS Securities Canada trading case Gary Norris Canadian Press Friday, October 08, 2004 TORONTO (CP) - In the largest-ever penalty of its type in Canada, UBS Securities Canada Inc. will pay a $2-million fine for inflating the number of shares it traded and failing to adequately supervise its trading floor. The settlement approved Friday by a Market Regulation Services Inc. panel also includes payment of $100,000 in costs to the watchdog agency. No individuals were penalized at the Canadian subsidiary of the Swiss-based bank. There was no indication that the so-called double printing of trades caused any harm or financial loss to clients, RS counsel Jane Ratchford said in presenting the settlement to the panel. However, the investment bank's actions did "affect the integrity of the marketplace by inflating volumes." The investigation focused on the Toronto stock market, and a UBS spokesman said after the hearing that there is no suspicion the violations extended to other markets where the global firm does business. UBS is among the biggest-volume dealers on the Toronto Stock Exchange, and overstating its trading activity does more than merely confer bragging rights, as the big tend to become even bigger. It also exaggerates the total activity on the market, although RS officials could provide no specific numbers on how many shares were involved. The double printing, conducted at least since early 2003, was done by such means as selling and buying securities out of UBS inventory instead of matching customer buy and sell orders, thus booking two trades on a transaction instead of one. Ratchford told the panel this activity continued "despite requests from RS personnel to cease the practice." The RS probe also uncovered concerns about trading supervision, including a lack of testing to prevent such offences as front-running - trading on the firm's or a personal account before placing a large market-moving order. Investigators found that there were "clearly orders that should have been reviewed," Ratchford said. They then encountered an inadequate audit trail, partly compromised by a new electronic order routing system which nobody seemed able to fully explain. Additionally, parts of the UBS policies and practices manual were "ineffective." And Ratchford said there was a "failure of management and the board of directors" to ensure compliance. A lawyer for UBS, Nigel Campbell, concurred with Ratchford's presentation, stressing that the bank "takes this settlement extremely seriously." Campbell also noted that no clients were harmed, no transgressions by individual UBS employees were identified and there was "no conclusion as to the motivation" for the activities. The three-member panel under retired Ontario Court of Appeal judge Lloyd Houlden conferred briefly and approved the settlement without comment. In addition to the financial penalty, UBS must hire an independent consultant to certify by next June 30 that its supervisory and compliance systems comply with market regulations. It was the first enforcement action for double printing by the market regulator, which had put the industry on notice in January 2003 that it was taking the issue seriously as it perceived that the practice was growing. RS, the independent regulation services provider for Canadian equity markets, said instances of double printing decreased but continued at some firms. UBS stated after the hearing that it "is fully committed to the integrity of the capital markets and acknowledges that its behaviour in this instance failed to meet regulatory requirements and its commitment to the highest standards of supervision and compliance." It also announced the appointment of Kevin McCoy as chief compliance officer effective Nov. 1. McCoy has been director of institutional compliance at CIBC World Markets. © The Canadian Press 2004
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Post by fastwalker on Oct 9, 2004 21:48:43 GMT -5
;D Knight & Shorts Bwaaahhhaaaa « Thread started on: Today at 02:24am » <br> -------------------------------------------------------------------------------- ragingbull.lycos.com/mboard/boards.cgi?board=NITE&read=82059Knight Trading Group (NASDAQ: NITE) NITE Quote / NITE Msg Board / NITE LiveCharts / NITE Chart / NITE News / NITE Company Info / NITE I-Watch / NITE Insider / NITE Analyst Recs / NITE Top Holders « NITE Message list / Reply to msg. / Post new msg. « Older / Newer » <br>By: wecaughtheshorters 09 Oct 2004, 01:30 AM EDT Msg. 82059 of 82066 Jump to msg. # 09 Oct 2004, 01:23 AM EDT Msg. 109041 of 109041 Jump to msg. # Subj: AGENT WALTERS CONFIRMS te: 10/8/2004 10:18:46 PM Pacific Standard Time From: GWWGREAT To: info@faulkingtruth.com Dear Mark Faulk, we have concluded our thourgh in depth study, it seems to that all the instutional investors into nite symbol, KNIGHT TRADING GROUP LLC,has participated in shorting our stock NANOSIGNAL CORP,. SCOTT ERVIN FORMERLY AN EXECUTIVE WITH THE ROCKERFELLOWS IN NEW YORK IS THE CEO OF NNOS 702-526-5869 TELEPHONE NUMBER,WE PLAN TO SEEK OUT PROSECUTION OF NITE EXEC, DIRECTORS AND OFFICERS AND SOME IF NOT ALL NITE TRADERS AND BROKERS,we have 8,0000 names address and numbers as well as tracking on ira;s 401k 's where money came from investors etc,we would now like for O'QUINN to represent us in this matter, nite and DTC AND NDC ETC HAVE HIRED LAW FIRMS TO ATTACK ME HOWEVER PLEASE SEND ME A FAX NUMBER I WOULD LIKE TO SHOW YOU THE TIPSTERS FAX TO US THAT LED TO OUR COMPLETE INVESTIGATION THAT LED US TO CATCHING NITE AND OTHERS, KEY NOW IS TO SHOW PROOF THAT NITE LIKE OTHER SHORTERS CANNOT GIVE DELIVERY, THAT IS WHY WE ARE "MARKING THE MARKET" this is a way through a declatory dividend to flush out the screaming call of shareholders that finds out his or her money has been taken and they do not even own one share in NNOS,.Ican be reeached at 702-228-9048 or 702-765-9598, you may want to talk to Scott Ervin, and you are welcome to get in touch with DATELINE FOR WE WILL GRANT THEM A FULL INTERVIEW AND SHOW THEM THE TRUTH,.The real damage to nite is that one of there top traders will testify against them if sopheaned, we have damaging positive proof beyond any reasonable doubt now, I await to hear from you. THEY ARE CONFIRMED 447 MILLION SHARES SHORT, THEY COULD FACE MULTIPLES OF THOUSANDS IN COUNT INDICTMENTS NOW I WAS TOLD,
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Post by fastwalker on Oct 10, 2004 20:24:50 GMT -5
Houston EFGI has a problem « Thread started on: Today at 8:19pm » <br> -------------------------------------------------------------------------------- TEXT Hi rosco and peter!! Seems like the FBI raid rumour had some origin. This is getting real interesting. You will have to remove the spaces in the links and add a dot(.). RB Wouldn't let me post. Hasn't this MM been on the top of ASK (0.0002) all week? Posted on Mon, Mar. 08, 2004 NASD charges Advantage Trading of Florida with falsifying records Associated Press WASHINGTON - The National Association of Securities Dealers on Monday charged Advantage Trading Group Inc., as well as the unit's trade desk manager, Wendy L. Epps, with falsifying records in response to an investigation. Advantage Trading executes and clears orders. A spokesman for the company wasn't immediately available to respond to the allegations. According to the complaint, the NASD made a routine request of order tickets from Advantage for 333 transactions. "At the direction of Epps, Advantage traders and assistant traders created false 'order tickets' for the subject transactions," the NASD charged. The discrepancy was discovered later, when Advantage provided the NASD with a second set of order tickets for the same transactions that were inconsistent with the original tickets. More:http://www myrtlebeachonline com/mld/tallahassee/news/politics/8137128 htm EFGI Website: http://www empirenow com/products htm source: Bart
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Post by fastwalker on Oct 10, 2004 20:28:50 GMT -5
The AP Report on 10 Oct about SEC « Thread started on: Today at 2:08pm » <br> Source: Bart By:tonsoffunone DIAMOND JEDI MASTER SEC discusses sanctions (is this the raid rumor?) ------------------------------------------------------------------- SEC discusses sanctions for failure to enforce rules The Associated Press Posted October 10 2004 WASHINGTON ž Federal regulators are planning to sanction three U.S. stock exchanges for allowing trading firms to cheat investors by allegedly failing to fully enforce their rules, according to a newspaper report Friday. The Securities and Exchange Commission is negotiating settlements with the three -- the American Stock Exchange, the National Stock Exchange and the Philadelphia Stock Exchange -- and is pressuring them to investigate and possibly punish the trading firms involved, The Wall Street Journal reported. The Philadelphia exchange said the SEC had investigated its policing of trading but would not confirm that the exchange was in settlement talks on the matter with the federal agency. SEC spokesman John Nester declined to comment. Spokesmen for the New York-based Amex and Chicago-based National Stock Exchange weren't immediately available for comment. Earlier this year, the SEC levied millions of dollars in civil fines on all seven so-called specialist firms that operate on the floor of the New York Stock Exchange, the nation's largest, for allegedly reaping illegal profits by putting their own trades ahead of those of other investors. The revelations of allegedly widespread violations at the NYSE, along with a scandal over the $188 million pay package of former exchange chairman no thingy Grasso, prompted the SEC to develop proposals to tighten governance at all U.S. stock exchanges. The developments have called into question the long-established system of self-regulation by the exchanges, in which they are responsible for policing their trading firms and the SEC oversees the exchanges themselves. The exchanges are referred to as self-regulatory organizations. In March 2003, SEC Chairman William Donaldson -- who was chairman of the NYSE in the early 1990s -- told all the exchanges to review their boards of directors and practices to ensure they are behaving ethically and serving the public interest. www.sun-sentinel.com/business/local/sfl-sbsec10oct10,0,3944961.story?coll=sfla-business-headlines
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Post by fastwalker on Oct 10, 2004 20:30:48 GMT -5
SEC plans to sanction 3 exchanges over illegal tra « Thread started on: Oct 9th, 2004, 9:25pm » <br> -------------------------------------------------------------------------------- Sorry if this is posted...it is now in the NSS THREAD.. Report: SEC plans to sanction 3 exchanges over illegal trades October 9, 2004 Washington (AP) -- Federal regulators are planning to sanction three U.S. stock exchanges for allowing trading firms to cheat investors by allegedly failing to fully enforce their rules, according to a newspaper report Friday. The Securities and Exchange Commission is negotiating settlements with the three -- the American Stock Exchange in New York, the National Stock Exchange in Chicago and the Philadelphia Stock Exchange -- and is pressuring them to investigate and possibly punish the trading firms involved, The Wall Street Journal reported. The Philadelphia exchange said the SEC had investigated its policing of trading but would not confirm that the exchange is in settlement talks on the matter with the federal agency. SEC spokesman John Nester declined to comment. Earlier this year, the SEC levied millions of dollars in civil fines on specialist firms that operate on the floor of the New York Stock Exchange for allegedly reaping illegal profits by putting their trades ahead of those of other investors.
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Post by fastwalker on Oct 10, 2004 21:13:44 GMT -5
;D MM EFGI IS A SCAM COMPANY. « Thread started on: Today at 4:01pm » <br> -------------------------------------------------------------------------------- now involved in scam by short selling CMKX shares to either other MM's holding short positions. EGGI is aligned with off-shore hedge funds, who short US penny stocks..EFGI had filed for multiple chapter 11 in the past 10 years and still allowed to continue the scam with blessings from SEC..SOME BODY tomorrow should stop this evil scam company from trading CMKX like they did it for JEFF. ragingbull.lycos.com/mboard/boards.cgi?board=CLB01219&read=95543
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Post by fastwalker on Oct 11, 2004 0:21:36 GMT -5
D Knight Trading Group (NITE): Did everyone see this press release? I apologize if it was already posted... cmkxdiamond.proboards32.com/index.cgi?board=general&action=display&thread=1097460180 I found the following very interesting... "In July, Knight agreed to pay about $79 million to settle probes by the Securities and Exchange Commission and the NASD into its trading, supervision and record-keeping activities from 1999 through 2001. The SEC also has informed four former Knight employees, including company co-founder Kenneth Pasternak, that it is likely to bring civil charges against them for trading violations." Here's is the full press release... Knight Trading Expects Operating Loss WEDNESDAY, OCTOBER 06, 2004 7:27 PM - AP Online NITE 9.22 -0.07 Enter Symbol: Enter Keyword: Oct 06, 2004 (AP Online via COMTEX) -- JERSEY CITY, N.J. (Dow Jones/AP) - Knight Trading Group Inc., a leading stock dealer, Wednesday said it expects to report an operating loss for the third quarter due to "persistent lackluster market conditions" in its core businesses. The warning sparked concern that other firms dependent on stock trading, such as stock exchange specialists, equity market makers and discount brokers, may report disappointing results for the quarter that ended in September. Shares of Jersey City-based Knight closed at $9.39 Wednesday, down 20 cents, or 2 percent, on the Nasdaq Stock Market. The loss range of a penny a share to 4 cents a share given by Knight includes a benefit of about 1.5 cents a share due to an adjustment to legal reserves. Seven analysts surveyed by Thomson Financial before Wednesday's announcement estimated, on average, that Knight would have operating profit of 4 cents a share. Knight plans to announce its results on Oct. 20 before the market and hold a conference call later that day. In a press release Wednesday, Chief Executive Thomas Joyce said market activity was "lethargic" during the quarter. The one sign of strength he isolated was "healthy" options volume. However, Knight agreed during the quarter to sell its options business to Citigroup Inc. for about $25 million in cash. The deal is expected to close by the end of the year. Trading volume on Nasdaq in the typically slow third quarter declined around 9 percent from already-depleted activity in the second quarter. Stock price volatility - which market makers like Knight can exploit to increase its daily trading profits - also flattened. The firm also noted that it built up its sales activities in London during the quarter, signaling that its expenses rose. Most analysts in the past month have shaved about a penny a share from their estimates for discount brokerage firms such as E-Trade Financial Corp., Ameritrade Holding Corp. and Charles Schwab Corp. that are among Knight's major customers, according to IBES, which compiles analyst estimates. Knight was formed in 1995 as Roundtable Partners, with minority ownership interests from many discount brokerage firms that agreed to send many of their trades to the firm for execution. They and Knight thrived during the online trading boom of the late 1990s. Though the brokers and Knight lost ground after the dot-com boom fizzled, Knight remains one of the largest dealers of Nasdaq and small-cap stocks. In July, Knight agreed to pay about $79 million to settle probes by the Securities and Exchange Commission and the NASD into its trading, supervision and record-keeping activities from 1999 through 2001. The SEC also has informed four former Knight employees, including company co-founder Kenneth Pasternak, that it is likely to bring civil charges against them for trading violations.
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