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SEC Fines 7 Brokerage Firms for Failing to Disclose Receiving Payments for Research Coverage
The SEC imposed a $3.65 Million on the following firms: Janney Montgomery Scott; Adams Harkness; SG Cowen; Friedman, Billings, Ramsey; Morgan Keegan; Needham & Company; and the Prudential Equity Group.
These brokerage firms received payments for issuing research on certain companies from 1999 to 2002. Such payments create a conflict of interest and must be disclosed.
Source: New York Times, August 26, 2004
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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