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Robertson Stephens, Inc.

Robertson Stephens, Inc. (CRD #41271, San Francisco, California) received a censure and fine of $72,500. Additionally, the firm was required to pay $37,294.55, plus interest, in restitution to public customers, and required to revise its written supervisory procedures concerning obtaining and maintaining a record of dealers contacted and quotations received in order to comply with best execution and recordkeeping obligations. According to the findings, the firm failed to execute orders upon presentment and thereby failed to honor its published quotation. Additionally, the NASD found that the firm, without making reasonable efforts to avoid a locked or crossed market by executing transactions with all market participants whose quotations would be locked or crossed, entered bid or asked quotations in The NASDAQ Stock Market, which caused a locked or crossed condition to occur. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS020119)

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