King Financial Services, Inc. (CRD #25843, Old Bridge, New Jersey) received a censure and fine of $13,000. The firm was also required to revise the firmís supervisory procedures with respect to Order Audit Trail SystemSM (OATSSM) reporting. According to the findings, the firm submitted to OATS Reportable Order Events (ROEs) with respect to equity securities traded on NASDAQ that were not in the electronic form prescribed by NASD and were repairable. The NASD also found that the subject reports were rejected by the OATS system and notice of such rejection was made available to the firm on the OATS Web site, but the firm failed to correct or replace any of the subject reports. Additionally, the regulators found that the firm failed to timely report ROEs to OATS. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040195)
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