finra

FINRA

 

For Release:
Contact:
Monday, January 20, 1997
Nancy A. Condon - (202) 728-8379

NASD Regulation Announces Disciplinary Action

Washington, D.C.--NASD Regulation, Inc. today announced the following disciplinary action against Datek Securities, its President, and two brokers. This action is based on a settlement agreement between the parties and NASD Regulation.

 

Datek Securities Corp. (Brooklyn, New York) submitted an Offer of Settlement pursuant to which the firm was fined $10,000. Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that its registered representatives entered SOES orders for multiple customers that when aggregated exceeded the maximum order size limit.

 

Sheldon Maschler (Boca Raton, Florida) submitted an Offer of Settlement pursuant to which he was fined $675,000 and suspended for 12 months from association with any NASD member in any capacity. Without admitting or denying the allegations, Mr. Maschler consented to the described sanctions and to the entry of findings that he entered SOES orders for multiple customers that when aggregated exceeded the maximum order size limit.

 

Aaron Elbogen (Brooklyn, New York) submitted an Offer of Settlement pursuant to which he was fined $25,000. Without admitting or denying the allegations, Mr. Elbogen consented to the described sanctions and to the entry of findings that he failed to adequately supervise two registered individuals so as to prevent the entry of SOES orders for multiple customers that when aggregated exceeded the maximum order size limit.

 

Jeffrey Citron (Brielle, New Jersey) submitted an Offer of Settlement pursuant to which he was fined $20,000 and suspended for twenty calendar days from association with any NASD member in any capacity except as a computer consultant. Without admitting or denying the allegations, Mr. Citron consented to the described sanctions and to the entry of findings that he failed to adequately supervise a registered individual so as to prevent the entry of, and entered, SOES orders for multiple customers that when aggregated exceeded the maximum order size limit.