No Own - No Sell

[Gatorelf]

Here ya go Gary, Sept 27 (Reuters) - The U.S. District Court for the district of Minnesota said it had appointed James Stephenson to act as trustee for the protection of customers of MJK Clearing, Inc., which was in violation of Securities and Exchange Commission's net capital rules earlier this week.

MJK Clearing is a subsidiary of Stockwalk Group Inc. (NasdaqNM:STOK - news) and is the affiliated clearing broker of Miller Johnson Steichen Kinnard, Inc.

Stephenson's appointment was made with the consent of MJK at the request of the Securities Investor Protection Corporation (SIPC), which helps investors recover their funds from brokerages in financial difficulty.

On Tuesday, Stockwalk said that MJK Clearing was in violation of SEC net capital rules because the failure of one of its clients to meet a significant financial obligation.

Stephenson and SIPC representatives are meeting with several broker-dealers and reviewing proposals that would enable Miller Johnson's customers to resume trading as soon as possible.