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SEC Fines 7 Brokerage Firms for Failing to Disclose Receiving Payments for Research Coverage
The SEC imposed a $3.65 Million on the following firms: Janney Montgomery Scott; Adams Harkness; SG Cowen; Friedman, Billings, Ramsey; Morgan Keegan; Needham & Company; and the Prudential Equity Group.
These brokerage firms received payments for issuing research on certain companies from 1999 to 2002. Such payments create a conflict of interest and must be disclosed.
Source: New York Times, August 26, 2004
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