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Essex Radez LLC

Essex Radez LLC (CRD #34649, Chicago, Illinois) received a censure and fine of $27,000. The firm was also required, within 30 business days, to revise the firm’s written supervisory procedures with respect to Bid Test, ACT Reporting, and Marking Tickets. According to the findings, the firm executed short sale transactions in NASDAQ National Market® (NNM®) securities at or below the current inside bid when the current inside bid was below the preceding inside bid in the security. Apparently, the regulators found that the firm’s supervisory system did not provide for supervision adequately designed to achieve compliance with applicable securities laws, regulations, and NASD rules concerning Bid Test, ACT Reporting, and Marking Tickets. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040178)

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