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2004



November

Citigroup Fined For Misleading Hedge Funds To Investors

September

SEC Approves New Compliance Rule to Protect Investors
$19 Million Fine Imposed Upon Morgan Stanley for Failure to Deliver Prospectuses to Customers and For Other Supervisory Failures

August

NASD Fines Citigroup, Merrill and Morgan Stanley for Arbitration Abuse
SEC Fines 7 Brokerage Firms for Failing to Disclose Receiving Payments for Research Coverage

June

NASD Expels Continental Broker-Dealer Corp. and Disciplines Others
NASD and SEC Hammer Variable Annuity Sales Practices
Connecticut's Claim of Pension Mismanagement Will Go To Trial
Merrill Lynch Ex-Analyst for Tyco and Honeywell Fined and Suspended

April

Technology, Competition and Regulatory Pressures Lower Commissions

February

Merrill Lynch Ordered To Pay $6 Million Due to Advice to Exercise Employee Stock Options and Hold Stock
NYSE Disciplines Salomon Smith Barney Regarding Advice in Exercising Worldcom Employee Stock Options and Holding Worldcom Stock

January

CIBC to Pay $80 Million for Role in Enron Fraud
SEC Halts $800 Million Investment Fraud by Financial Advisory Consultants in Orange County
Marque Millennium Group Settles SEC's Fraud and Failure to Supervise Charges







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