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Datek Online Brokerage Services LLC

Datek Online Brokerage Services LLC (CRD #5209, Iselin, New Jersey) received a censure and fine of $30,000. According to the findings, the firm failed to ensure that appropriate disclosure of capacity was correctly coded on customer confirmations at the time it changed its coding process, failed to ensure that changes were implemented, and failed to conduct reviews or audits after coding changes were implemented to ensure that its customer confirmations were accurate. Additionally, the firm's supervisory system failed to provide sufficient checks and balances to ensure compliance with the above areas. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CAF000047)

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