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Donaldson, Lufkin & Jenrette Securities Corp.

Donaldson, Lufkin & Jenrette Securities Corp. (CRD #816, New York, New York) received a censure and fine of $100,000. According to the findings, the firm failed to establish and maintain a supervisory system and written supervisory procedures designed to ensure that a registered representative complied with all applicable securities laws, regulations, and NASD rules in his role as the portfolio manager of a limited partnership. The regulators also found that the firm's principals knew that the representative was managing partnership assets and was soliciting brokerage clients to become investors in the partnership, the firm failed to designate a principal and failed to develop written supervisory procedures for the partnership to supervise the representative’s activities. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CAF040066)

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