exactly boo .. tip of the OTC *iceberg* and wh
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Posted On: 07/23/2018 3:54:12 PM
exactly boo ..
tip of the OTC *iceberg* and why i've always noted .. they all collude .. but most of them seemingly get a pass .. because complaints filed with the sec and finra imo result in little change out re: NRs' patterns .. i've organized more than a few myself over the last decade ..
and when *caught* .. fines are absurdly low with negligible financial impact .. and the SOP response .. as is noted in this article you were kind enough to link
FEBRUARY 16, 2018
Stifel Nicolaus & Company Sanctioned In Connection to Alleged Rule Violations
According to the firm’s BrokerCheck report, FINRA sanctioned the firm in connection to findings that in 18 occasions between April and June 2014 , the firm “accepted and held 12 customer orders in over-the-counter (OTC) securities , traded for its own account at prices that would have satisfied the customer orders,” and subsequently failed to enter or to immediately enter the clients’ orders “up to the size and at the same price at which it traded for its own account or at a better price.”
..................
In connection to these findings, Stifel Nicolaus & Company was censured, ordered to pay a fine of $37,500, and required to pay more than $300 in restitution to affected customers. It also agreed to revise its written supervisory procedures.
4kids
Came across something very interesting while doing a minute or 2 dd on an unfamiliar MM (to me anyway) STFL,..
https://www.securitieslawattorneys.net/stifel...s-company/
So I put in an order to sell a chunk and it goes unfilled, probably even when the price goes over my asking price. It's happened to ALL of us at one point or another. Especially in low volume stocks. Happens plenty when I'm on the bid as well. SOMETIMES using the all-or-none feature could be the cause but this article and finding by FINRA certainly suggests something could be askew.
Excerpt..
“accepted and held 12 customer orders in over-the-counter (OTC) securities, traded for its own account at prices that would have satisfied the customer orders,” and subsequently failed to enter or to immediately enter the clients’ orders “up to the size and at the same price at which it traded for its own account or at a better price.”
Quote:
In connection to these findings, Stifel Nicolaus & Company was censured, ordered to pay a fine of $37,500, and required to pay more than $300 in restitution to affected customers. It also agreed to revise its written supervisory procedures.
Read More: https://investorshangout.com/post/view?id=514...z5M60afb4E
tip of the OTC *iceberg* and why i've always noted .. they all collude .. but most of them seemingly get a pass .. because complaints filed with the sec and finra imo result in little change out re: NRs' patterns .. i've organized more than a few myself over the last decade ..
and when *caught* .. fines are absurdly low with negligible financial impact .. and the SOP response .. as is noted in this article you were kind enough to link
FEBRUARY 16, 2018
Stifel Nicolaus & Company Sanctioned In Connection to Alleged Rule Violations
According to the firm’s BrokerCheck report, FINRA sanctioned the firm in connection to findings that in 18 occasions between April and June 2014 , the firm “accepted and held 12 customer orders in over-the-counter (OTC) securities , traded for its own account at prices that would have satisfied the customer orders,” and subsequently failed to enter or to immediately enter the clients’ orders “up to the size and at the same price at which it traded for its own account or at a better price.”
..................
In connection to these findings, Stifel Nicolaus & Company was censured, ordered to pay a fine of $37,500, and required to pay more than $300 in restitution to affected customers. It also agreed to revise its written supervisory procedures.
4kids
Came across something very interesting while doing a minute or 2 dd on an unfamiliar MM (to me anyway) STFL,..
https://www.securitieslawattorneys.net/stifel...s-company/
So I put in an order to sell a chunk and it goes unfilled, probably even when the price goes over my asking price. It's happened to ALL of us at one point or another. Especially in low volume stocks. Happens plenty when I'm on the bid as well. SOMETIMES using the all-or-none feature could be the cause but this article and finding by FINRA certainly suggests something could be askew.
Excerpt..
“accepted and held 12 customer orders in over-the-counter (OTC) securities, traded for its own account at prices that would have satisfied the customer orders,” and subsequently failed to enter or to immediately enter the clients’ orders “up to the size and at the same price at which it traded for its own account or at a better price.”
Quote:
In connection to these findings, Stifel Nicolaus & Company was censured, ordered to pay a fine of $37,500, and required to pay more than $300 in restitution to affected customers. It also agreed to revise its written supervisory procedures.
Read More: https://investorshangout.com/post/view?id=514...z5M60afb4E
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