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Hold Brothers On-Line Investment Services LLC

Hold Brothers On-Line Investment Services LLC (CRD #36816, Jersey City, New Jersey) received a censure and fine of $40,000. The firm was also required, within 30 business days, to revise its written supervisory procedures with respect to the applicable securities laws and regulations concerning short sales and OATS. According to the findings, the firm failed to submit required information to OATS on 92 business days. The regulators also found that the firm executed short-sale transactions in NNM securities at or below the current inside bid when the current inside bid was below the preceding inside bid in each of the securities. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS030196)

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