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Datek Online Brokerage Dipped into Client Funds
The SEC has censured Datek for allegedly misappropriating customer funds to cover Datek's own trading obligations and the obligations of its other customers.
This is the first SEC enforcement action against an on-line firm. Datek is the fourth largest on-line firm. Datek described the misappropriation as inadvertent errors, but agreed to pay a $50,000 fine and hire an independent consultant to monitor its activities.
Source: Wall Street Journal, June 1, 1999
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