NASD Expels Continental Broker-Dealer Corp. and Disciplines Others

Citing sales practice and sales supervision violations, the NASD expelled the firm from the securities industry, and barred the firm's owner/operator, Gregory Hasho, from associating with any other member firm. Twelve other executives and brokers were disciplined as well.

A restitution fund to compensate the firm's victims (its customers) is being established to satisfy arbitration claims, regulatory enforcement proceedings and other matters. Parties have brought claims for unsuitable investments, excessive trading, excessive use of margin and other improprieties.

More details should follow as to the restitution fund and how investors can participate.

Source: NASD News Release, June 7, 2004