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David Weisberger
Traders Magazine Online News

Stop the BS & Promote Real Transparency!

In this shared blog, David Weisberger says a recent WSJ article is wrong and that traders do need to purchase faster and more comprehensive market data to avoid being fined for violating "Best Execution" obligations.

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April 30, 2001

Rooked Investors Receiving Their Money

By Gregory Bresiger

Clients of Donahue Securities, a Cincin nati, Ohio, securities firm, are now receiving some $5 million as restitution for a phony tax-free municipal bond fund scheme, according to authorities.

The Securities Investor Protection Corporation has entered into a settlement with Donahue Securities, which is in receivership.

Douglas Tripp, attorney with the Cincinnati law firm of Frost Brown and Todd is acting as trustee. He will supervise the liquidation of Donahue's assets.

The settlement, which is not an admission of guilt, is the result of a complaint brought by the SEC.

SIPC's actions were praised by Michael G. Oxley (R-Ohio), who is chairman of the House Financial Services Committee.

"This kind of effective response to fraud gives everyone faith in the strength of our financial systems," said Oxley, who quickly noted that many of the duped investors are from his state.

He added, "Quality oversight from the SEC and SIPC is one of the reasons our financial markets are the envy of the world."