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Investec (US) Incorporated

Investec (US) Incorporated (CRD #266, New York, New York) received a censure and fine of $10,000. According to the findings, the firm accepted customer short sale orders in securities and, for each order, failed to make/annotate an affirmative determination that the firm would receive delivery of the security on behalf of the customer or that the firm could borrow the security on behalf of the customer by the settlement date. The regulators also found that the firm failed to preserve for not less than three years, the first in an accessible place, the memorandum of brokerage orders. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040175)

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