NASD Notes Dubious Records in 2003 | AccountingWEB

NASD Notes Dubious Records in 2003

Records were set in 2003 in the securities industry, but not the kind that make people rich. The National Association of Securities Dealers (NASD) reported last week that it had suspended or barred a record 830 people from the profession while collecting $32.6 million in fines for disciplinary actions.

The NASD, which oversees the securities profession with the Securities and Exchange Commission and the New York Stock Exchange, barred 480 people and suspended 350 in 2003. In 2002, the regulator barred 440 and suspended 374. However, fines dropped to $32.6 million in 2003, down from $68.2 million in 2002.

In addition, NASD filed a record 1,352 new enforcement violations, which was increased from 1,271 in 2002. Dow Jones reported that more than 60 enforcement actions were taken against securities firms in 2003.

NASD, the SEC and NYSE have all been under fire for what some have called lax enforcement of both securities laws and their own rules, the Washington Post reported. In fact, it was New York Attorney General Eliot Spitzer who uncovered the abuses that led to the recent mutual fund scandal.

Wait, there's more!
There's always more at AccountingWEB. We're an active community of financial professionals and journalists who strive to bring you valuable content every day. If you'd like, let us know your interests and we'll send you a few articles every week either in taxation, practice excellence, or just our most popular stories from that week. It's free to sign up and to be a part of our community.
Premium content is currently locked

Editor's Choice

WHAT KIND OF FIRM ARE YOU?
As part of our continued effort to provide valuable resources and insight to our subscribers, we're conducting this brief survey to learn more about your personal experiences in the accounting profession. We will be giving away five $50 Amazon gift cards, and a $250 Amazon gift card to one lucky participant.
This is strictly for internal use and data will not be sold
or shared with any third parties.