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Violation Tracker Individual Record

Company: LaSalle Street Securities, Inc.
Penalty: $200,000
Year: 2006
Date: May 31, 2006
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: NASD fined LaSalle Street Securities, Inc. $200,000 for failing to adequately supervise a former representative of the firm who began serving a 13-year prison sentence after pleading guilty to federal wire and tax fraud charges for defrauding investors in a Ponzi scheme.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
Source of Data: NASD Fines LaSalle Street Securities $200,000 for Supervisory Violations Related to Fraudulent Schemes Perpetrated by Broker Frank Devine, PR Newswire, May 31, 2006 (via Nexis).
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.