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CIBC World Markets Corp.

CIBC World Markets Corp. (CRD #630, New York, New York) received a censure and fine of $75,000, and was required to reimburse $154,700, plus interest of $50,600, to public customers. According to the findings, the firm, while acting through two retail brokers and a retail liaison, executed convertible bond trades with retail customers by interpositioning a hedge fund between firm and retail branch customers, and charging the customers unlawfully high prices for the purchase of convertible debentures. Additionally, the regulators found that the firm failed to supervise its trading desk, retail brokers, and a retail liaison with respect to convertible bond trading. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CAF040030)

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