NYSE Fines Salomon for Trading Violations: The...
From Times Staff and Wire Reports
NYSE Fines Salomon for Trading Violations: The New York Stock Exchange said it has fined Salomon Bros. $1.3 million for violating federal securities laws and NYSE rules in connection with program trading activities in 1987 and 1988. The exchange charged that Salomon altered prices on 55 computerized program trades to divert money from six customers to the firm. Salomon agreed to pay the fine without admitting or denying guilt. Salomon said it already has repaid the customers $1.3 million in gains plus interest, for a total of $1.7 million, and that it fired a manager in its equity support area and four other employees involved in the case.
