SEC Penalizes First Union Unit Over Auctions Wall Street Journal (10/25/00) Vol. 104, No. 42 p.C20; Connor, John
The Securities and Exchange Commission (SEC) proceeded
to take action against First Union Securities Tuesday. The firm,
a unit of First Union Corp., was being investigated for
violations of U.S. Treasury auction rules. The SEC reported that
the securities firm violated the SEC's books-and-records rules.
The firm's transactions also broke Treasury Department rules on
noncompetitive bidding in Treasury auctions. First Union
Securities settled the matter for $409,000.