Osborne Stern & Co. Denies Suspension: The...
From Times Staff and Wire Reports
Osborne Stern & Co. Denies Suspension: The Los Angeles brokerage said it will be open for business as usual next week, despite a report that the National Assn. of Securities Dealers had suspended the firm for 90 days. The NASD, in a release on Friday, said the firm had been suspended and ordered to pay a fine of $270,454 to resolve a long-standing allegation that investors had been overcharged for a stock two years ago. But Osborne said its appeal of the action had been accepted by the Securities and Exchange Commission, nullifying the NASD move. An SEC official in Los Angeles said he believed the appeal had been accepted, but could not immediately confirm it.
