A NYSE hearing panel slapped the firm of Schonfeld Securities LLC, its president and two other company officers with $1.5 million in fines, censures and suspensions. Brad Schonfeld, president of the firm, was found to have extended some $23 million of credit from his personal funds to open day trading accounts for 68 people. The NYSE hearing panel reported that Mr. Schonfeld then "directed that the firm take or receive a share of the profits or share in the losses in certain customer accounts."
December 30, 1999 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
The New York Stock Exchange announced on December 20 that it levied $1.5 million in fines against a New York firm and its president for violations involving day trading and other activities.
During a five year period, Schonfeld Securities LLC, a Jericho, N.Y. firm, Steven Bart Schonfeld, president of the firm, and two other company officials violated exchange rules and regulations, according to a NYSE press release. They also ran afoul of Securities and Exchange Commission dictates.
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