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All-Tech Day Trading Firm Charged With Wrongdoing
The NASD has filed a disciplinary complaint against All-Tech Direct, Inc., alleging that it and two of its executives failed to supervise employees who arranged loans between clients to cover margin calls, and other employees who misrepresented the risks associated with the loans (including that the loans were risk free).
The NASD also brought charges against All-Tech's chairman and chief executive, Harvey Houtkin, for misleading investors in public statements and in exaggerated advertising claims. These misleading ads included representations as to the financial success enjoyed by day traders as a result of being associated with All-Tech.
Source: Wall Street Journal, July 18, 2000
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