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NOTE: Offers of Settlement (OS) and Letters of Acceptance, Waiver, and Consent (AWC) are entered into by Respondents without admitting or denying the allegations, but consent is given to the described sanctions and to the entry of findings.

2004
NBBO

STANDARD DESCRIPTION KEY
knowingly and intentionally entered priced limit orders in NASDAQ securities for his own account into an electronic communications network (ECN) at prices that her knew would improve, and were intended to improve, the National Best Bid or Offer (NBBO) in such securities, in that the full price and size of such orders would be reflected in the public quotation system as the best prices and sizes at which a market participant was willing to buy or sell such securities.  IMPROVE

 

knowingly and intentionally entered orders to buy or sell shares of such securities in his trading account at his member firm because he knew, and intended, that they would be routed to market makers whose automated execution systems were programmed to buy or sell, and did buy and sell, such securities on an automated basis at prices equal to the NBBO and in an amount greater than the NBBO.  AUTOEX
   

 

 Garden State Securities, Inc., George Kenneth Bicking , and Paul William Ponn 
(AWC/CMS040148/November 2004)

Ponn entered small buy (sell) orders into an electronic communications network (ECN) at prices that affected the national best bid (offer) (NBBO) to facilitate the automatic execution of larger sell (buy) orders on the opposite side of the market by a market maker that guaranteed that they would provide executions at the NBBO price, thereby permitting Ponn to buy (sell) shares at an improved price. Bicking failed to establish, maintain, and enforce a supervisory system reasonably designed to detect and prevent fraudulent, manipulative, and deceptive quotation and trading activity. The firmís supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations, and NASD rules concerning fraudulent, deceptive, and manipulative quotation and trading activity.

Garden State Securities, Inc.,

Censured; fined $20,000 jointly and severally with Bicking; Required to revise the firmís written supervisory procedures regarding quotation and trading activity within 30 business days

George Kenneth Bicking 

Fined $20,000 jointly and severally with Garden State; Suspended 15 business days in principal capacity

 

Paul William Ponn

Fined $25,000; Suspended 90 days in all capacities

 

 

Louis Anthony Helfer 
(AWC/
CMS040014/March 2004)


IMPROVE;  AUTOEX; by knowingly and intentionally engaging in this course of conduct, Helfer bought (sold) shares of these securities at prices that were lower (higher) than he would otherwise have been able to buy (sell) shares of these securities, but for his entry of the orders into the ECN. Immediately after Helfer received the executions, he intentionally and knowingly canceled 21 of the 30 priced limit orders that he had entered into the ECN, obtaining a financial benefit of approximately $5,975.

Louis Anthony Helfer 

fined $10,000, suspended 4 months in all capacities; and Ordered to pay $5,975, plus interest, in restitution to public customer. 

 

 

 





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