Securities Law Prof Blog

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

Tuesday, January 13, 2009

SEC Order Bars Former Head of Sales of Janney Montgomery Scott from Industry

The SEC announced the issuance of an Order Instituting Administrative Proceedings Pursuant to 15(b) of the Securities Exchange Act of 1934, Making Findings and Imposing Remedial Sanction (Order) against Joseph Lando, a former securities lending representative and head of sales for Janney Montgomery Scott, LLC.  The Order finds that on Oct. 23, 2008, Lando pled guilty to one count of commercial bribery before the United States District Court for the Eastern District of New York.  The count of the criminal indictment to which Lando pled guilty alleged, inter alia, that in or about and between January 2003 and November 2004, Lando, together with others, did knowingly and intentionally aid a manager at Van der Moolen Specialists USA, LLC in paying, and a stock loan trader at National Investor Services Corp. (NISC) in receiving, bribes to influence the NISC's trader's conduct in relation to NISC's affairs.

Based on the above, the Order bars Lando from association with any broker or dealer. Lando consented to the issuance of the Order without admitting or denying any of the Commission's findings, except he admits to the Commission's jurisdiction over him and the subject matter of the proceedings and his guilty plea.

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