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Hill, Thompson, Magid & Co., Inc.

Hill, Thompson, Magid & Co., Inc. (CRD #2202, Jersey City, New Jersey) received a censure and fine of $21,500. According to the findings, the firm failed to immediately display customer limit orders in NASDAQ securities in its public quotation, when each such order was at a price that would have improved the firm's bid or offer in each such security; or when the order was priced equal to the firm's bid or offer and the national best bid or offer in such security, and the size of the order represented more than a de minimis change in relation to the size associated with its bid or offer in each such security. NASD also found that the firm incorrectly designated as ".PRP" through ACT last-sale reports of transactions in NNM and OTC Equity securities. The findings stated that the firm also failed to report to ACT transactions in NNM, NASDAQ SmallCap, and OTC equity securities with the correct media volume and the correct symbol indicating whether such transactions were effected as principal, riskless principal, or agency. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS020157)

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