The allegations read: 04/04/01gs: nasd rules 2110 and 3010 - failed to comply with securities exchange act rule 15g-9 concerning approval of accounts to trade in penny stocks and receipt of customer agreements to specific transactions, and the requirement to obtain suitability statements signed by the customers and approved by the firm; and, failed to establish, maintain, and enforce a system to supervise the activities of its registered representatives that was reasonably designed to achieve compliance with applicable securities laws, rules and regulations.
