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Massive Fine Imposed In Commission Case

Traders Magazine, January 2002

Gregory Bresiger

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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