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Olde Discount Corporation

Olde Discount Corporation (CRD #5979, Detroit, Michigan) was censured and fined 38,500. Additionally, the firm was ordered to pay restitution to public customers in the total amount of $580.63, plus interest. According to the regulators, the firm failed to contemporaneously execute protected customer limit orders after it transacted in each security for its own market-making account at a price that was equal to or better than each such customer limit order, and, in the execution of customer orders, failed to use reasonable diligence to ascertain the best inter-dealer market for the securities so that the resultant price to its customers was as favorable as possible under prevailing market conditions. Additionally, the regulators determined that the firm failed to establish, maintain and enforce written supervisory procedures adequately designed to achieve compliance with applicable securities laws, regulations and the NASD rules concerning trade reporting, limit orders, ACT reporting requirements, the conducting of an annual review and internal audits, best execution requirements, limit order protection, the SECís Order Handling Rules, the registration of associated persons with the NASD, trade reporting, the use of SOES, recordkeeping, locked and crossed markets, and the issues identified in the SECís 21(a) Report concerning the NASD. The firm accepted the fine and censure but did not admit or deny the accusations.(NASD Case #CMS990050)

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