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SEC COMMISSION OPINION
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EXTRACTED KEY WORDS
CUSTOMER EXCHANGE ORDER TICKETS FEINS VIOLATION AMEX MEMBER TIME-OF-TRADE INFORMATION EXCHANGE ACT REVIEW REPORT TRADES RIZZUTO FRAUD SECURITIES EXCHANGE DISCRETIONARY TRADES AMERICAN STOCK EXCHANGE DISCIPLINARY PROCEEDING CAPTURE ACCURATE TIME-OF-TRADE COMMISSION PRINCIPLES EXECUTING DISCRETIONARY TRADES NATIONAL SECURITIES INCONSISTENT FORMER INDEPENDENT AMEX CONSTITUTION CATANIA ACCOUNT FEINS ARGUES FLOOR TRANSACTIONS HANDBOOK XMI |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SECURITIES EXCHANGE ACT OF 1934
Rel. No. 41943 / September 29, 1999
Admin. Proc. File No. 3-8721
__________________________________________________
In the Matter of the Application of
JONATHAN FEINS
Campground Road
P.O. Box 126
Wilmot Flat, NH 03287
For Review of Action Taken by the
AMERICAN STOCK EXCHANGE, INC.
_________________________________________________
OPINION OF THE COMMISSION
NATIONAL SECURITIES EXCHANGE -- REVIEW OF DISCIPLINARY PROCEEDING
Violations of Exchange Rules
Conduct Detrimental to the Interest or Welfare of the Exchange --
Failing to Capture Time-of-Trade Information
Fraud -- Favoring One Customer Over Others
Failing to Report Trades
Conduct Inconsistent with Just and Equitable
Principles of Trade -- Executing Trades in a Secret, Non-competitive
Manner
Executing Discretionary Trades
Former independent broker, formerly a regular member of a registered
national securities exchange, failed to capture accurate time-of-trade
information on order tickets; defrauded customers by giving executions
that should have gone to them to a favored customer instead; failed to
ensure that trades he initiated printed; and executed discretionary
trades. Held, exchange's findings of violation are sustained in part
and set aside in part, and sanctions imposed are sustained.
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