Nite
- Thread starter vinigar
- Start date
(by briefing.com)
06:51 ET NITE Knight Trading accused by former exec of improper trading -- WSJ (5.92)
The Wall Street Journal reports that co is the subject of an SEC and NASD probe into allegations by a former senior executive that it engaged in improper trading during the tech boom. The former head of Knight's institutional trading desk alleges an elaborate system of trading-rule violations (including front running) at the company that cost investors millions of dollars. The filing claims that most of the questionable trading was done by two employees.
no comment.......
06:51 ET NITE Knight Trading accused by former exec of improper trading -- WSJ (5.92)
The Wall Street Journal reports that co is the subject of an SEC and NASD probe into allegations by a former senior executive that it engaged in improper trading during the tech boom. The former head of Knight's institutional trading desk alleges an elaborate system of trading-rule violations (including front running) at the company that cost investors millions of dollars. The filing claims that most of the questionable trading was done by two employees.
no comment.......
Originally posted by AMT4SWA
Thats because the money supply tripled from clinton's first day in office up until his last day in office. Money for nothing and the chicks for free!
This makes me think. Kozlowski resigns because he's about to be indicted for failing to pay sales tax. The market freaks out because of the CEO's 'credibility. Is he worthy of the mantle of CEO, they ask? Won't his personal character flaws affect the way he runs the company?
OK. There once was a president who was a known philanderer, and left a trail of dead bodies behind him. What about <i>his</i> credibility? Was he fit for the mantle of Commander in Chief? Wouldn't his personal character defects affect the way he ran the country?
/rant
NEW YORK (CBS.MW) - Knight Trading Group is under investigation for "front running," in which employees at the trading firm allegedly bought stocks ahead of orders from customers and then sold them as the shares rose, the Wall Street Journal reported on Tuesday.
The Securities and Exchange Commission, and the National Association of Securities Dealers are investigating the charges, which surfaced in a sealed arbitration complaint filed by the former chief of Knight Trading Group's institutional trading desk, the newspaper reported.
Citing people familiar with the situation, the newspaper reported that the front-running took place during the height of the Nasdaq bubble when stock prices in tech firms shot up to record highs.
Robert Stellato, the employee that made the allegations, pointed out a complex system of trading rule violations that cost investors millions of dollars.
The Securities and Exchange Commission, and the National Association of Securities Dealers are investigating the charges, which surfaced in a sealed arbitration complaint filed by the former chief of Knight Trading Group's institutional trading desk, the newspaper reported.
Citing people familiar with the situation, the newspaper reported that the front-running took place during the height of the Nasdaq bubble when stock prices in tech firms shot up to record highs.
Robert Stellato, the employee that made the allegations, pointed out a complex system of trading rule violations that cost investors millions of dollars.
Software glitch but you already know it by now. I picked up shares at $1 when it happened before the market opened but got a call from IB saying they were all busted. Same thing happened with SUNW with its price jumped to $10. If you follow the market during the day, you'll notice that this happens very often.