(March 8 – 16:15 ET) – The U.S. Securities and Exchange Commission and the National Association of Securities Dealers are going to court to collect unpaid fines from reps.
The SEC is going to file federal district court applications to collect the NASD’s outstanding fines and reparations from registered reps. The SEC expects that it will be able to get summary judgements in these cases, followed by court orders to pursue payment.
Although the SEC is beginning this program with the NASD and targeting reps, it says that it will follow the same procedure to “collect sanctions imposed by other self-regulatory organizations in appropriate circumstances.”
SEC General Counsel David Becker has says, “By seeking court orders requiring payment of NASD sanctions, the Commission will assure that persons sanctioned by the NASD will not be able to escape payment of fines or restitution orders.”