NOTE: Offers of Settlement (OS) and Letters of Acceptance, Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions and to the entry of findings.
The Pitfalls of Research and Advertising
by Bill Singer firstname.lastname@example.org
Earl Morton Slosberg (AWC/CAF030054/November
Joseph Lawrence Peggs (AWC/CAF030054/November
Tejas Securities Group, Inc.
and Arnold Reed Durant (AWC/CAF030051/November 2003)
Axiom Capital Management,
Inc. Mark David Martino, David Leon Jordon, and Jeffrey Stuart Goldberg (AWC/CAF030047/November
Christopher Cosme Tavares and Alfred George Marchetti (OS/CMS030047/November 2003)
Registered Principal Tavares issued a negative research report and Registered Principal Marchetti traded ahead by engaging in short sales for a profit of $28,000. In anticipation of issuing his report, Tavares shorted in his personal accounts for a profit of $9,165. Marchetti failed to make an annotate affirmative determinations for the shorts sales and he knew, or should have known, that Tavares had prepared a report against which he was trading ahead. Marchetti was also found to have failed to supervise Tavares to ensure that he did not trade ahead. Also, Tavares maintained accounts at another member firm without inform the firm in writing of his association with an NASD member. Finally, respondents were found to have failed to establish and maintain adequate supervisory procedures.
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