Salomon Brothers Fined By NYSE For Program Trading Abuses
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Salomon Brothers Inc. recently agreed to pay a record fine of $1.3 million to settle regulatory charges of stealing money from clients for which the firm was brokering program trades around the week of Oct. 19, 1987. Firm employees allegedly covered up the illegal action by submitting false trading reports to the New York Stock Exchange, the self- regulatory body that fined Salomon. Salomon agreed to the fine without admitting or denying the allegations.
Throughout the 1980s, Salomon Brothers was
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