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Crown Financial Group, Inc.

Crown Financial Group, Inc. (CRD #540, Jersey City, New Jersey) received a censure and fine of $59,500. According to the findings, the firm failed to make an affirmative determination that the firm could borrow the securities or otherwise provide for delivery of the securities by settlement date. The regulators also found that the firm incorrectly designated as late through ACT last sale reports of transactions in NASDAQ National Market, OTC Equity, and SmallCap securities reported to ACT within 90 seconds of execution. Additionally, the regulators found that the firmís supervisory system did not provide for supervision reasonably designed to achieve compliance with respect to the applicable securities laws and regulations concerning the 1% rule, Limit Order Display Rule, Order Handling Rule, order routing reports, order execution reports, short sales in CQS securities, educating of personnel concerning anti-competitive practices, trade reporting, best execution, ACT reporting, affirmative determination, bid test rule, record keeping, and OATS. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CMS040222)

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