The Securities and Exchange Commission has sustained the Financial Industry Regulatory Authority in suspending former Deutsche Bank Securities broker Edward S. Brokaw for engaging in a manipulative scheme and causing his firm's books and records to be inaccurate. FINRA suspended Brokaw for one year and fined him $25,000 for violating NASD Rule 2110, and imposed an additional $5,000 fine and a concurrent 30 business-day suspension for violating Rule 3110. Brokaw is considering appealing the ruling to the United States Court of Appeals for the District of Columbia, his attorney, Kevin T. Hoffman, of Greenwich, Connecticut, told Compliance Complete. On review, the SEC found that Brokaw facilitated six unsolicited orders to sell shares of Monogram Biosciences, Inc. common stock for his client, a longtime friend and hedge fund manager, on three successive trading days in May 2006. Over the three days, the client placed orders to sell 50,000 shares at the open of the market and another
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