Fleet Specialist to Pay $59.4 Million
FleetBoston Financial Corp.’s market-making unit at the New York Stock Exchange expects to pay $59.4 million to settle regulators’ charges of trading abuses, the bank said Tuesday.
The Boston-based company’s Fleet Specialist Inc. unit is one of five firms that last month tentatively settled with the Securities and Exchange Commission and the NYSE over alleged improper trading activity.
Specialist firms are supposed to match buyers and sellers of shares of specific listed companies on the NYSE trading floor. The NYSE and SEC investigations into the specialists’ conduct centered on whether the firms in some cases made unnecessary trades for their own profit, at investors’ expense.
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