Massive Fine Imposed In Commission Case
Traders Magazine, January 2002
Credit Suisse First Boston took millions of dollars in inflated commissions from customers and has been censured and fined a massive $100 million, according to NASD Regulation. CSFB took the commissions in exchange for providing clients with allocations of much in demand IPOs, regulators said. "This conduct was a blatant disregard of NASD rules and a serious breach of a firm's responsibility not to exploit its position as an underwriter. CSFB's behavior undermines the integrity of the capital-raising process," according to Mary Shapiro, president of NASD Regulation.
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