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WIEN Securities, Inc.

WIEN Securities, Inc. (CRD #10467, Jersey City, New Jersey) received a censure and fine of $17,500 and was required to pay $150, plus interest, in restitution. According to the findings, the firm failed to use reasonable diligence to ascertain the best inter-dealer market for the subject security and buy or sell in such market so that the resultant price to each customer was as favorable as possible under prevailing market conditions. The NASD also determined that the firm failed to show the time of execution, the correct time of entry, and the correct time of execution on the memo of brokerage orders. Additionally, the firm failed to provide written notification to its customers that the price to each of its customers was an average price. In addition, the NASD found that the firm failed to provide written notification disclosing to its customers the reported trade price and when acting as a principal for its own account, the firm failed to disclose if it was a market maker. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS010013)

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