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Wheat First Union

Wheat First Union (CRD #6124, Richmond, Virginia) received a censure and fine of $19,500. Additionally, the firm was required (within 60 days) to update its written supervisory procedures relating to order handling. According to the findings, the firm failed to use reasonable diligence to ascertain the best inter-dealer market and failed to buy or sell in such market so that the resultant price to its customer was as favorable as possible under prevailing market conditions. Apparently, the firm failed to establish, enforce and maintain written supervisory procedures adequately designed to achieve compliance with regard to the above matters. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS000184)

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