Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, February 20, 2007

SEC Sustains NASD's Findings in Research Reports Case

The SEC sustained  NASD's  findings  of  violation  against Donner Corporation International, a former NASD member  firm,  Jeffrey L. Baclet, its former president and sole owner, and Vincent M.  Uberti and Paul A. Runyon, former registered representatives of Donner.  NASD found that Donner, Baclet, Uberti, and Runyon violated  Section  10(b)and Rule  10b-5,  and NASD Rules  2120,  2210,  and  2110  by  preparing  and  disseminating research reports which contained material misstatements and omissions.  NASD found further that Donner, Baclet, and Uberti violated NASD  Rule 2110 by failing to disclose in certain  Donner  research  reports  the compensation Donner  received  for  writing  the  reports.  NASD  also determined that Donner and Baclet violated NASD Rules 3010, 2210,  and 2110 by failing to establish and maintain adequate written supervisory procedures and by failing  to  ensure  written  approval  of  Donner's  research reports by a firm principal.

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