The TSE has found William Snowie guilty of entering bids to execute a trade on behalf of a principal or a non-client account to establish an artificial quotation in the listed security.

The TSE hearing panel found that between Sept. 1 and Nov. 30, 1999, Snowie entered 44 bids for his registered trading account in three of his stocks of responsibility. They were entered in the last five minutes of trading. They were the last bid of the day. They set the bid closing price for the day and were higher than the previous bid. The bids expired unfilled at the end of the trading day. And they improved the daily valuation of his inventory account as well as the month-end valuation of his inventory account by $7,132.10.

The TSE slapped Snowie with a fine of $15,000; demanded payment of $3,500 towards the cost of the investigation. If he seeks to re-enter the securities profession in any capacity, Snowie must pass the TradersÕ Training course and he must serve a one-month suspension.

Snowie was employed as a registered trader with W.D. Latimer Co. He did not appear at the hearing. The TSE has determined that there are no grounds for any disciplinary proceedings against W.D. Latimer.