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Royal Hutton Securities Corp.

Royal Hutton Securities Corp. (CRD #14489, New York, New York) submitted an Offer of Settlement in which the firm was fined $20,000 and expelled from NASD membership. According to the findings, the firm engaged in stock manipulation and fraudulent sales practices. In addition, the findings stated that the firm, directly or indirectly, controlled registered representatives and principals that, in connection with the sale of house stocks, made material misrepresentations, received excessive commissions, failed to inform purchasers that they were receiving these excessive commissions, and discouraged the sale of the stocks. Apparently, the regulators found that the firm knowingly allowed representatives and principals to withhold material information from public customers including the nature of the risk of the investment, the amount of commission the broker would receive in connection with the transaction, and the limitations on the circumstances under which such securities could be sold. The firm accepted the fine but did not admit or deny the accusations. (NASD Case #CAF000042)

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