Violation Tracker Individual Record
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.
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).
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).