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.


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