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C. E. Unterberg, Towbin

C. E. Unterberg, Towbin (CRD #24790, New York, New York) received a censure and fine of $20,000 and required to pay $22,219.94, plus interest, in restitution to investors. Additionally, the firm was ordered to revise its written supervisory procedures concerning firm quote compliance. According to the findings, the firm failed to use reasonable diligence to ascertain the best inter-dealer market, and failed to buy or sell in such market so that the resultant price to its customers was as favorable as possible under prevailing market conditions. Additionally, the regulators found that the firm, as a registered market maker in securities, failed to execute orders presented at the firm's published bid or published offer in an amount up to its published quotation size, and upon presentment, failed to honor its published quotation. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS020003)

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