Oscar Gruss & Son, Inc. (CRD #2091, New York, New York) received a censure and fine of $10,000. According to the findings, while acting as a market maker, the firm failed to make reasonable efforts to avoid a locked or crossed market by executing transactions with all market makers whose quotations would be locked or crossed, entered bid or ask quotations in the Nasdaq Stock Market which caused a locked or crossed market condition to occur in each instance. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS000255)
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