NASD Censures, Fines Broker in Settlement
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A Burbank securities firm and one of its agents have been censured and fined by the National Assn. of Securities Dealers under a settlement reached with the association, which oversees member firms’ trading in over-the-counter stocks.
Following arbitration, Toluca Pacific Securities Corp. and Peter J. H. Blowitz agreed to pay a $10,000 fine and $14,747 in restitution for allegedly selling stock in the secondary market at unfair prices. They did not admit or deny the allegations.
The NASD has taken disciplinary action against Blowitz previously. Also, in March, Blowitz was permanently barred by the Securities and Exchange Commission from future violations of certain securities laws. The SEC had alleged that Blowitz artificially inflated the price of a stock between November, 1986, and February, 1988.
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