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: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.