SEC v NATIONAL FINANCIAL SERVICES CORPORATION


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Keywords & Phrases

CaseNo: 34-38150, Defendant: National Financial Services Corporation, Plaintiff: SEC, UniqueCaseRef: SEC>34-38150, Securities, Nfsc, Exchange, Margin, Stock, Regulation, Vertex Stock, Exchange Act, Credit, Commission, Customers, Correspondent, Extending, Purchases, Accounts, Violations, Respondent, Settlement, Extension, Pursuant, Findings, Correspondent Firms, Shares, Designating, Federal Reserve, Maintenance, Discovering, Otc, Money Order, Retail Accounts , ContentID: 120244430

Case Documents

1997-01-10

SEC ADMINISTRATIVE PROCEEDING
[ see first page and extracted highlights below ] ItemID: 111164

6 pages
TXT

Total Documents: 1 document , 6 pages

Price: $ 19.95

IVESLCD01 KGI0001

1 . SEC ADMINISTRATIVE PROCEEDING

EXTRACTED KEY WORDS

NFSC
EXCHANGE
MARGIN
STOCK
REGULATION
VERTEX STOCK
EXCHANGE ACT
CREDIT
COMMISSION
CUSTOMERS
CORRESPONDENT
EXTENDING
PURCHASES
ACCOUNTS
VIOLATIONS
RESPONDENT
SETTLEMENT
EXTENSION
PURSUANT
FINDINGS
CORRESPONDENT FIRMS
SHARES
DESIGNATING
FEDERAL RESERVE
MAINTENANCE
DISCOVERING
OTC
MONEY ORDER
RETAIL ACCOUNTS






                     UNITED STATES OF AMERICA
                            Before the
                SECURITIES AND EXCHANGE COMMISSION

Securities Exchange Act of 1934
Release No. 38150 / January 10, 1997

Administrative Proceeding
File No. 3-9217

-------------------------------
                              :
In the Matter of              :    ORDER INSTITUTING PROCEEDINGS
                              :    PURSUANT TO  15(b)(4) AND
NATIONAL FINANCIAL SERVICES   :     21C OF THE SECURITIES
CORPORATION,                  :    EXCHANGE ACT OF 1934,
                              :    MAKING FINDINGS
                              :    AND IMPOSING REMEDIAL
          Respondent.         :    SANCTIONS
                              :
-------------------------------

                                I.

     The Securities and Exchange Commission (the "Commission")
deems it appropriate and in the public interest that proceedings
be, and they hereby are, instituted against National Financial
Services Corporation ("NFSC" or "Respondent") pursuant to
Section 15(b)(4) and Section 21C of the Securities Exchange Act
of 1934 (the "Exchange Act").

                               II.

     In anticipation of the institution of these administrative
proceedings, NFSC has submitted an offer of settlement which the
Commission has determined to accept.  Solely for the purposes of
these proceedings and any other proceedings brought by or on
behalf of the Commission or in which the Commission is a party,
NFSC, without admitting or denying the findings and matters set
forth herein (except as to jurisdiction, which NFSC admits),
consents to the issuance of this Order Instituting Proceedings
Pursuant to Section 15(b)(4) and Section 21C of the Exchange Act,
Making Findings And Imposing Remedial Sanctions ("Order"), and to

SNIPPETS:

SECURITIES AND EXCHANGE COMMISSION

The Securities and Exchange Commission deems it appropriate and in the public interest that

In anticipation of the institution of these administrative proceedings, NFSC has submitted an

Solely for the purposes of these proceedings and any other proceedings brought by or on

Its principal business is the execution, settlement and financing of correspondent and

At all times relevant to these proceedings, NFSC was registered with the Commission as a

NFSC's Extension of Credit on a Nonmargin Security

This matter involves violations of the margin requirement provisions of the Exchange Act by

NFSC extended and maintained approximately $3,000,000 of credit on purchases of approximately

Vertex stock was not a margin security under Regulation T during this period.

At the time, Vertex stock, which was traded over-the-counter, was not designated as qualified