Royal Alliance Associates, Inc. (CRD #23131, New York, New York) received a censure and fine of $11,000. According to the findings, the firm failed to accept or decline in ACT transactions in eligible securities within 20 minutes after execution that the firm had an obligation to accept or decline in ACT as the order entry identifier (OEID). The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040142)
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SHEPHERD, SMITH & EDWARDS, LLP
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