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: FinancialCounselSEC Sanctions Against Brokerage Firm CEO Underscores Requirement To Supervise Reasonably
By James Eccleston
Recently the SEC (Securities and Exchange Commission) instituted settled administrative proceedings against Stephen Moynahan (SEC Rel.No. 34-58689). Moynahan was the former president and CEO of Dolphin & Bradbury, Incorporated, formerly a registered broker-dealer. The SEC finds that Moynahan failed reasonably to supervise a fraudulent scheme perpetrated by Robert Bradbury, an investment banker and co-owner of the firm. Without admitting or denying the findings, Moynahan consented to the entry of an order which bars him from supervising, bars him from owning another firm, suspends him for six months and fines him $140,000. Importantly, the SEC imposes those substantial sanctions despite recognizing that Moynahan had "no knowledge" of Bradbury's fraudulent scheme. Let's examine why.
Full post as published by FinancialCounsel on November 06, 2008 (boomark / email).
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