OTHER NEWS - March 26, 1996
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Penny Stock Promoter Barred, Fined: Regulators barred the former president and owner of F.N. Wolf & Co. from the securities industry and ordered him to repay $7.9 million to investors who were unknowingly sold risky penny stocks. The National Assn. of Securities Dealers also fined Frank N. Wolf $250,000. F.N. Wolf’s former compliance director, Richard T. Sullivan, was fined $10,000 and suspended for one year from holding a supervisory position. The charges concern Wolf’s sale of 2.5 million shares in Nacoma Consolidated Industries between February and August 1991. Customers weren’t warned the Nacoma shares were classified as risky penny stock, which have a long history of being used in various frauds by brokers.
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