SECURITIES

NASD Expels 1 Firm, Fines Another: Los Angeles brokerage Cartwright & Walker Securities Inc. was expelled, and New York broker Avrum R. Tokayer was fined $364,937.50 and barred from associating with any brokerage firm or dealer for manipulating the price of a common stock, the National Assn. of Securities Dealers said. The sanctions are two of the stiffest imposed by the regulatory body this year. The NASD expelled Cartwright & Walker for failing to respond to 10 requests for information from the NASD, a copy of the regulators’ decision shows. The requests sought responses to six customer complaints, documents show. The president of the firm, Everett Scoville Walker Jr., was also fined $100,000 for the same violations. The expulsion in effect shuts down the firm because it is prohibited from doing business with the public, an NASD spokesman said. The NASD said Tokayer, president of New York-based Advanced Equity Group Inc., also failed to obtain written agreements from customers before conducting transactions, failed to provide them with risk disclosure statements and failed to appear for testimony.