Wednesday, August 15, 2007
Yesterday NYSE Regulation censured and fined Janney Montgomery Scott $2.5 million for illegal practices involving the stock-lending market. The firm's troubles may not be over. The Wall St. Journal reports that federal criminal charges may be brought against a number of individuals at Janney and other financial institutions involving the same practices. Charges include the use of finders or intermediaries as a means of channeling payments to favored individuals. WSJ, Criminal Charges Near
In Stock-Lending Cases.