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Brokerage Firm Merit Capital Fined
The NASD has fined $180,000 Merit Capital and Associates of Westport, CT and its chairman, Russell Newton for various securities violations, including allowing their brokers to use sales scripts that did not comply with NASD rules.
Additionally, the NASD suspended Newton as a principal and ordered him to requalify for his securities license.
Source: NASD Press Release, September 21, 1999
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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
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Always consult an attorney and/or investment advisor when building and protecting your wealth.
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