The U.S. Securities and Exchange Commission has sanctioned a 30-year veteran of the securities industry for helping a client perpetrate a stock fraud that netted the client some $5.8 million in illegal proceeds. The client, Mitchell Jay Stein, is in federal prison after being found guilty of 14 felony counts for misconduct related to the scheme and whose California law license was suspended after his conviction. The SEC on Friday did not find that veteran broker Mark Crosby Nevdahl knowingly participated in the scheme, which involved illegally distributing the shares of a medical device manufacturer, Heart Tronics, which Stein secretly controlled through trusts and subterfuges that hid his connection to glowing but false press releases. The SEC accepted an offer in which Nevdahl consented, without admitting or denying the SEC's findings, to being ordered to cease and desist from violating Section 17(a)(3) of the Securities Act of 1933. For six months he is also suspended from the
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