SEC charges settled
Thursday, Nov. 7, 2002 | 11:18 a.m.
MINNEAPOLIS -- U.S. Bancorp agreed Wednesday to pay $100,000 to settle Securities and Exchange Commission charges that it failed to properly supervise a South Dakota broker who inflated the prices of a favored customer's end-of-day trades.
Thomas E. Hall, a former U.S. Bancorp broker who doubled as a Sioux Falls branch manager, sought to help the customer avoid margin calls on his accounts by artificially increasing the value of his portfolio, the SEC alleged.
"We've taken appropriate steps to enhance our policies and procedures to avoid this type of activity in the future," a U.S. Bancorp spokeswoman said.
U.S. Bancorp lacked adequate surveillance reports and had only one supervisor to oversee more than 70 branch managers such as Hall who also were brokers. It now has eight of these managers, the SEC said.
U.S. Bancorp, which had $1.7 billion in earnings last year on $171.4 billion in assets, neither admitted nor denied wrongdoing. It acquired Piper Jaffray Cos. for $730 million in May 1998, and its securities unit is called U.S. Bancorp Piper Jaffray.
archive
- Most Read
- Discussed
- Most E-mailed
- CityCenter’s Mandarin Oriental makes Vegas debut
- As national jobless rate improves, LV sees signs of trouble
- Pacquiao-Mayweather fight on, March date likely
- Court upholds sex conviction for Las Vegas magician
- Barrick Gold to work on mine despite court ruling
- UNLV president denies reports of Livengood as new AD
- From Eva Longoria Parker to a cluster of execs, crowd takes a shine to Crystals
- Survey ranks Nevada among most unhappy states
- Rebels try to avoid the ‘trap’ at Santa Clara
- TUF 10 weigh-in: All fighters make weight, no Rampage
Blogs
Elsewhere
Dawn Gibbons' story: Nevada's first lady talks about her divorce, humiliation and fears (2 Comments)
The Kats Report
Kirk Kerkorian: CityCenter is 'simply the most amazing' Vegas project ever (3 Comments)
Robin Leach's Las Vegas Celebrity Watch
Great Santa Run: Unofficial 14,595 runners would be a new record
Elsewhere
Rampage Jackson to return to UFC (3 Comments)
Politics: Ralston's Flash
Superintendents want state to immediately seek Race to Top funds (1 Comment)
Top Chef: Las Vegas
The Jet Stream: The great Jennifer debate (2 Comments)
The Kats Report
From Eva Longoria Parker to a cluster of execs, crowd takes a shine to Crystals (6 Comments)
Calendar »
- 6 Sun
- 7 Mon
- 8 Tue
- 9 Wed
- 10 Thu
-
Rock 'n' Roll Marathon
The Strip | 5:30 a.m. to 11 a.m.
-
George Strait and Reba McIntire at the MGM Grand Garden Arena
MGM Grand Garden Arena | 8 p.m. to 11 p.m.
-
Randy Travis at the Monte Carlo
Monte Carlo Resort and Casino | 9:30 p.m. to 11:59 p.m.
-
Lee Greenwood at The Orleans
The Orleans Showroom | 8 p.m. to 10 p.m.
-
The LoneStarlets at The Golden Nugget
Golden Nugget Hotel & Casino
-
Isaias Hiram Urrabazo in "A Sunday Afternoon with Friends"
Trinity International School | 2:30 p.m. to 5 p.m.
The Sun
Locally owned and independent for more than 50 years.
Technorati









