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Correspondent Services Corporation

Correspondent Services Corporation (CRD #25927, New York, New York) was censured and fined $10,000. According to the regulators, the firm failed to prevent its parent member firm from entering orders into the Small Order Execution SystemSM (SOESSM) on behalf of non-public customers. Additionally, the firm failed to establish, enforce and maintain written supervisory procedures adequately designed to achieve compliance with applicable securities laws, regulations and NASD rules relating to the use of SOES. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS990124)

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