Securities Law Prof Blog

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

Tuesday, March 4, 2008

SEC Affirms Disciplinary Action Against Former Jesup & Lamont CCO

The SEC sustained NASD disciplinary action against Robert E. Strong, former chief compliance officer of Jesup & Lamont Securities Corp. (J&L), an NASD member. The Commission also sustained NASD's imposition of a total of $10,000 in fines for Strong's misconduct.  The Commission upheld NASD findings that Strong failed to supervise a J&L research analyst, failed to ensure that research reports issued by J&L contained the disclosures required by NASD rules, and failed to file a report required by NASD within the time required. In approving NASD's sanctions, the Commission observed that Strong's "supervisory failures reflect a troubling inattention to the responsibilities given to him" by J&L's management. According to the Commission, "the sanctions imposed by NASD serve the public interest by encouraging future compliance with the rules at issue here, by Strong and by others in the industry who have been given similar responsibilities."

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