NYSE Censures Gruntal For Fraud And Operational Control Failures

MANAGEMENT & OPERATIONS

New York-based securities broker/dealer Gruntal has been found guilty of a series of securities law and exchange rule violations by the New York Stock Exchange (NYSE).

The list of charges filed against Gruntal concern events that occurred between 1984 and 1995. The former head of Gruntal's institutional mortgage-backed securities (MBS) desk improperly valued collateralized mortgage obligations (CMOs) held on its books, according to documents from the NYSE investigation.

This mispricing boosted

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