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.
"If …
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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.
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