Washington, D.C.—NASD Regulation, Inc., announced today that it censured Credit Suisse First Boston Corporation (CSFB) and directed it to pay $50 million in monetary sanctions for taking millions of dollars from customers in inflated commissions in exchange for allocations of "hot" Initial Public Offerings (IPOs). The inflated commissions essentially amounted to a "profit sharing" arrangement with CSFB as the IPO shares climbed in the secondary market. As part of the settlement, CSFB will also pay $50 million to the Securities and Exchange Commission.
Following a 10-month investigation, which began in May 2000, NASD Regulation determined that CSFB's IPO profit sharing practice was widespread, occurring between April 1999 and June 2000. The practice affected more than 300 accounts serviced by the firm's Institutional Sales Trading Desk, its Private Client Services (PCS) Group and its PCS Technology Group. Certain senior managers and other employees of the Equity Sales and Equity Capital Markets Departments directed the practice, instructing CSFB employees to give greater allocations to those accounts who agreed to share their profits with CSFB. During one quarter alone, these inflated commissions on profit-sharing trades accounted for over 22 percent of CSFB's commission revenue.
Satoshi knew the banks were the problem. Here are 1500 reminders.
The old contract was part of the thousands of contracts affected by the third web epxloit. All of the new Bankster NFT's were airdropped to previous holders. They will initially be marked as hidden in opensea because of this.
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Washington, D.C.—NASD Regulation, Inc., announced today that it censured Credit Suisse First Boston Corporation (CSFB) and directed it to pay $50 million in monetary sanctions for taking millions of dollars from customers in inflated commissions in exchange for allocations of "hot" Initial Public Offerings (IPOs). The inflated commissions essentially amounted to a "profit sharing" arrangement with CSFB as the IPO shares climbed in the secondary market. As part of the settlement, CSFB will also pay $50 million to the Securities and Exchange Commission.
Following a 10-month investigation, which began in May 2000, NASD Regulation determined that CSFB's IPO profit sharing practice was widespread, occurring between April 1999 and June 2000. The practice affected more than 300 accounts serviced by the firm's Institutional Sales Trading Desk, its Private Client Services (PCS) Group and its PCS Technology Group. Certain senior managers and other employees of the Equity Sales and Equity Capital Markets Departments directed the practice, instructing CSFB employees to give greater allocations to those accounts who agreed to share their profits with CSFB. During one quarter alone, these inflated commissions on profit-sharing trades accounted for over 22 percent of CSFB's commission revenue.
Satoshi knew the banks were the problem. Here are 1500 reminders.
The old contract was part of the thousands of contracts affected by the third web epxloit. All of the new Bankster NFT's were airdropped to previous holders. They will initially be marked as hidden in opensea because of this.