Violation Tracker Individual Record

Company: 
Piper Jaffray & Co.
Current Parent Company: 
Piper Sandler
Penalty: 
$2,400,000
Year: 
2004
Date: 
July 12, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

NASD censured and fined Piper Jaffray & Co. $2.4 million for engaging in improper spinning of hot initial public offerings (IPOs). Piper Jaffray violated NASD rules by allocating and selling profitable hot IPOs to executives of corporations from which Piper Jaffray was seeking, or had obtained, investment banking business.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Minnesota
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
investment management
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.