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SEC COMMISSION OPINION
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EXTRACTED KEY WORDS
SECURITIES NASD FIRM NON-BONA FIDE BID DISCIPLINARY ACTION RESTRICTION AGREEMENT MANIPULATION MARKET SECURITIES DEALERS VIOLATION MOUNTAINTOP COMMISSION MEMBER EXCHANGE ACT NATIONAL ASSOCIATION INVESTIGATIVE INTERVIEW FINDINGS FIDE BID QUOTATIONS RESPONSIBILITY SANCTIONS APPLICANTS UNDERWRITING PUBLISHED NON-BONA FIDE COMMON STOCK ACCORDINGLY SUSTAIN PALM HARBOR REGISTERED SECURITIES COOPERATE PRESIDENT |
>SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 43259 / September 7, 2000
Adm. Proc. File No. 3-9671
In the Matter of the Application of
MICHAEL J. MARKOWSKI
1521 Alton Road #233
Miami Beach, Florida 33139
and
JOSEPH F. RICCIO
2654 Oleander Court
Palm Harbor, Florida 34684
For Review of Disciplinary Action Taken by the
NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
OPINION OF THE COMMISSION
REGISTERED SECURITIES ASSOCIATION -- REVIEW OF DISCIPLINARY ACTION
Violations of Exchange Act and Conduct Rules
Manipulation
Non-bona fide Bid Quotations
Violation of Restriction Agreement
Failure to Cooperate
President of NASD member firm and its trader manipulated the market
for securities underwritten by firm, and published non-bona fide bids
for those securities. In addition, president was responsible for
firm's violation of its restriction agreement with the NASD, and
refused to submit to an NASD investigative interview. Held,
association's findings of violation and the sanctions it imposed
sustained.
APPEARANCES
William VanDercreek and W. Scott Newbern, for Michael J. Markowski and
Joseph F. Riccio.
Alden S. Adkins, Susan L. Beesley, and Deborah F. McIlroy, for
NASD Regulation, Inc.
SNIPPETS:
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