Securities Regulators Lash out at Day-Trading Firms
WASHINGTON (AP) -- Day-trading firms mislead their investor- customers with promises of quick riches, fail to supervise their operations and make improper loans to customers to keep them trading, according to a report released today by state securities regulators.
A related analysis found that 70 percent of customers at one major day-trading firm lost money.
The report by the North American Securities Administrators Association resulted from a 7-month investigation of the growing day- trading industry. It comes 11 days after Mark O. Barton shot and killed nine people at two day-trading firms in Atlanta where he had traded and lost thousands of dollars.
Questia, a part of Gale, Cengage Learning. www.questia.com
Publication information: Article title: Securities Regulators Lash out at Day-Trading Firms. Contributors: Not available. Newspaper title: THE JOURNAL RECORD. Publication date: August 1, 1999. Page number: Not available. © 2009 THE JOURNAL RECORD. Provided by ProQuest LLC. All Rights Reserved.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.