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Hold Brothers On-Line Investment Services, LLC

Hold Brothers On-Line Investment Services, LLC (CRD #36816, Jersey City, New Jersey) received a censure and fine of $100,000, and was required, within 45 days, to retain an independent consultant and to implement new supervisory and compliance procedures and systems in connection with registration and continuing education requirements. According to the findings, the firm allowed individuals to act as general securities representatives and/or equity traders while failing to have them registered and/or qualified in such capacities. The findings also stated that the firm permitted individuals to maintain their securities licenses although they were not actively involved in the firmís investment banking or securities business, and permitted individuals to perform duties as registered persons while their registrations with NASD were inactive due to their failure to complete the Regulatory Element of NASDís Continuing Education Rule in a timely manner. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C9B050031)

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