The allegations read: On or about april 5, 2007, cash was transferred to an account opened with ims securities, inc. Through steven knowlton.the cash was placed in a money market fund before being invested in mutual funds on may 9, 2007. The mutual funds were trading at a higher price on may 9, 2007 than on april 5, 2007. As a result of the delay in investing the cash in the mutual funds, the account owner suffered a loss of $927.16. The written procedures of ims securities, inc. Required that:"10.1 acceptance and prompt entry of orders. Rrs are obligated to transmit customer orders to the appropriate order execution desk or order facility promptly after receipt. Order cannot be held for future entry..." steven knowlton failed to comply with written procedures of ims securities, inc.
