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Article: Enforcement: NASD Files Charges Against ABW Direct, Four Employees.
- Article from:
- The Bond Buyer
- Article date:
- April 7, 2006
- Author:
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WASHINGTON -- NASD has filed charges against Manhattan-based broker-dealer A.B. Watley Direct Inc., four of its employees, and a now-defunct affiliated broker-dealer, ABW Inc., for violating several rules in connection with alleged improper late trading and market timing of mutual fund shares, including municipal bond shares, for four hedge fund clients.
The four individuals named in the 28-page complaint, which was filed with NASD's Office of Hearing Officers last month but was not released until yesterday, are Robert Franklyn Malin, the president of the two brokerage firms; Linus Nwaigwe, chief compliance officer of the firms; Robert Conway, an investment ...