First Boston Fined for Trade Violations
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WASHINGTON — The National Assn. of Securities Dealers said Tuesday that its market-monitoring committee had censured and fined First Boston Corp. and one of its managing directors for trade-reporting violations.
The NASD’s market surveillance committee charged that First Boston failed to report the amount and price on some of its trades on time between 1985 and 1987. It also found that New York-based First Boston had not adequately supervised its employees.
Without admitting or denying the charges, First Boston has agreed to a $150,000 fine and managing director James Raphalian has consented to pay $50,000. Raphalian also has been suspended for three years from holding any position involving regulatory or trade-reporting responsibilities.
The NASD said Raphalian failed to establish and enforce procedures that would have allowed First Boston to monitor its traders’ activities. He will be permitted to remain a managing director.
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