California Broker Hit for Misleading Investors

Hume, Lynn
February 2005
Bond Buyer;2/25/2005, Vol. 351 Issue 32078, p5
Trade Publication
The article reports that the National Association of Securities Dealers (NASD) has charged California-based broker Marshall J. Field with securities fraud and municipal securities rule violations for buying and selling risky municipal securities underwritten by the now-defunct Pacific Genesis Group Inc. without disclosing the bonds' risks or the firm's legal troubles over the alleged faulty bond disclosures. Under the NASD's rules. Field can file a response to the charges and request a hearing before an association disciplinary panel. If the charges are upheld he faces possible bar or suspension from the securities industry as well as fines and potential orders to disgorge illegal gains and pay restitution to investors. In its case against Field, the NASD said that a number of the bonds and certificates of participation he bought and sold for investors from 1999 through 2002 were all special limited obligations that were payable from specific sources of revenue and did not have any pledge of the full faith and credit of the issuer with taxing power.


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