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Illinois Stockbroker Patel Barred From Securities Industry
Shushing Patel, once associated with brokerage firms Carlin Equities Corp. and Reliance Capital, Inc. and the promoter of SP-Hi Leverage Fund, a speculative hedge fund, no longer will be able to conduct a securities business.
The NASD has barred Patel form associating with any member and has fined him $325,000.
The NASD found that Patel had participated in private securities transactions without providing prior oral or written notification to, and receiving permission from, his brokerage firms.
(Editor' Note: Eccleston & Associates, PC, the sponsor of www.financialcounsel.com, has had or still has numerous actions pending against Patel and his brokerage firms.)
Source: NASD Disciplinary Decisions, December 2001
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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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