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Investec Ernst & Company

Investec Ernst & Company (CRD #266, New York, New York) received a censure and fine of $11,000, and was required to pay $988.86, plus interest, in restitution to public customers. According to the findings, the firm employed an individual in a principal capacity who did not have the required registration for a principal. The regulators also found that the firm failed to execute orders fully and promptly. Additionally, the NASD found that the firm, when it acted as principal for its own account, failed to provide written notification disclosing to its customers that it was a market maker in each such security. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040087)

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