MGSC - one record in the public books:
******** REGULATORY ACTION (1 of 1) ********
Reporting Source: Regulator (Form U-6)
Date Reported: 09/12/2000
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Date initiated: 08/28/2000
Docket/Case Number: C06000016
Allegations: 09/12/00EC: NASD RULES 2110; 1031 AND 3010(B) -
RESPONDENT MEMBER, ACTING THROUGH ITS PRESIDENT, PERMITTED AN INDIVIDUAL TO SERVE AS A GENERAL SECURITIES REPRESENTATIVE AND THEREBY ENGAGE IN THE INVESTMENT BANKING OR SECURITIES BUSINESS EVEN THOUGH SUCH INDIVIDUAL HAD NOT BEEN REGISTERED WITH RESPONDENT IN ANY CAPACITY; FAILED TO ESTABLISH, MAINTAIN, AND ENFORCE WRITTEN PROCEDURES THAT WERE REASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLE SECURITIES LAWS AND REGULATIONS, AND WITH THE ASSOCIATION'S RULES, IN THAT THE FIRM'S PROCEDURES FAILED TO ADEQUATELY ADDRESS THE ASSOCIATION'S RULES GOVERNING REGISTRATION OF PERSONNEL.
Current Status: Final
NASDR Public Disclosure Program March 23, 2001
Page <PAGE#>
This information is current as of: 03/23/2001
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NASD Member Firm: M G SECURITIES GROUP, INC.
CRD Number: 42991
REGULATORY ACTIONS(cont.)
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 08/28/2000
Sanctions
Ordered: Monetary/Fine, Censure
Monetary Amount: $14,000.00
Resolution
Details: A CENSURE AND FINE OF $14,000, WHICH INCLUDES THE
DISGORGEMENT
OF COMMISSIONS EARNED OF $9,000. $13,000 OF THAT
$14,000 FINE
IS PAYABLE JOINTLY AND SEVERALLY.
Summary:
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Reporting Source: Regulator (Form BD)
Date Reported: 12/13/2000
Initiated By: NASD REGULATION, INC.
Date initiated: 07/28/2000
Docket/
Case Number: NASD ACTION C06000016
Allegations: MG SECURITIES GROUP, INC. PERMITTED AN INDIVIDUAL
TO SERVE AS A
GENERAL SECURITIES REPRESENTATIVE WITHOUT HAVING
BEEN
REGISTERED WITH THE FIRM. MG SECURITIES GROUP,
INC. DID NOT
ENFORCE WRITTEN PROCEDURES THAT WERE DESIGNED TO
ACHIEVE
COMPLIANCE WITH APPLICABLE SECURITIES LAWS.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 08/28/2000
Sanctions
Ordered: Monetary/Fine, Disgorgement/Restitution, Censure
Monetary Amount: $13,000.00
Other Sanctions: NONE.
Resolution
Details: A CENSURE AND FINE OF $4,000.00 AND DISGORGEMENT
OF COMMISSIONS
OF $9,000.00 FOR A TOTAL FINE OF $13,000.00 THAT
MG SECURITIES
GROUP, INC. WAS RESPONSIBLE FOR PAYING. THE FIRM
ELECTED TO A
MONTHLY PAYOUT PLAN.
Summary:
************ END OF REPORT
************
Kr
Jens
