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Brett Cenkus
Traders Magazine Online News

President Trump Won't Kill America, Bitcoin Will

In this blog, the author examines how the global cryptocurrency adds one more piece of the pie to a radical shift in the structure of worldwide governance.

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November 1, 2002

Phantom Sales

By Editorial Staff

Swift Trade Securities USA and its president, Peter Beck, have reached a settlement with the NASD, requiring the two to pay a $75,000 fine from "fictitious" wash sales. They were also required to pay back $26,000 in profits from the transactions. Joseph Ianni, Swift's vice president of compliance, was also fined by the NASD for inadequate supervision of what the NASD said was a "deceptive trading practice." According to the regulators, Swift, a Toronto brokerage, operated a computer software program that simultaneously routed offsetting limit orders for QQQs to the Island ECN.

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