" he caused his member firm to violate Rule 203(b

" he caused his member firm to violate Rule 203(b)(1) of SEC Regulation SHO when on occasions, hereKerrigone placed orders to sell short low-priced stocks through the firm's proprietary trading account and failed to locate the securities, claiming the market marker exemption to the locate requirements.[/url] The findings stated that the market maker exemption was not available to the firm because Kerrigone was not engaging in bona-fide market marking activities in these securities. The firm generated over $158,239 in profits from these short transactions."