THE SEC further found: Read and see the kinds of criminals we have as market makers: <br /> <br /> "The investigation has determined that a number of Nasdaq <br /> market makers have coordinated quotations, trades, and trade <br /> reports with other Nasdaq market makers for the purpose of <br /> advancing or protecting the market makers' proprietary trading <br /> interests.-- By engaging in such conduct, these market <br /> makers may have acted contrary to the best interests of their <br /> customers and created a false or misleading appearance of trading <br /> activity in the Nasdaq market. <br /> <br /> For example, the tapes reflect numerous occasions in which <br /> market makers have asked other market makers to move their <br /> displayed quotations in a particular direction to help the <br /> requesting market maker trade (often with customers) at prices <br /> more favorable to the requesting market maker. The requesting <br /> market maker generally disclosed his or her intentions for future <br /> price movements and transactions to the cooperating market <br /> makers. Cooperating market makers acceded to these requests <br /> because of an expectation that the requesting market maker would <br /> reciprocate in the future. Such cooperative activity improperly <br /> influenced prices, often at the expense of investors, while <br /> creating an inaccurate picture of market conditions. The market <br /> makers involved in such conduct may, depending upon the facts and <br /> circumstances of each particular situation, be deemed to have <br /> engaged in unlawful manipulation of the market or otherwise <br /> violated applicable antifraud provisions of the federal <br /> securities laws or NASD rules."