News Releases

Individual Disciplined for Misstatement to Member Firm Employer

Kari Marie Lindsey of Troy, Michigan , a former non-registered employee, consented without admitting or denying guilt to findings that she made a misstatement to her member firm employer and submitted a forged letter.

• An NYSE hearing panel found that, during the period July through August 2004, Lindsey made a misstatement to her member firm employer regarding a personal check she submitted to the firm drawn on insufficient funds and submitted a forged letter to the firm that purported to be from a bank to support her misstatement.

The NYSE imposed a penalty of a censure and a two-year bar.   Lindsey consented to the penalty.

Individual Disciplined for Sales Practice Violations

Stephen Peter Luscko of Sarasota, Florida , a former registered representative, consented without admitting or denying guilt to findings that he engaged in sales practice misconduct in the accounts of three customers.

• An NYSE hearing panel found that, between November 2001 and July 2002, Luscko effected numerous discretionary transactions in a customer account without the customer’s written authorization, and cancelled losing transactions in the account and rebilled the transactions to the accounts of two other customers.  In addition, Luscko caused books and records violations and agreed to share in the losses sustained in the account of one of the above customers.

The NYSE imposed the penalty of a censure and five-year bar.  Luscko consented to the penalty.

Individuals Barred for Misappropriation and Failing to Cooperate

John Y. Buck of St. Petersburg, Florida , a former non-registered employee, consented without admitting or denying guilt to findings that he misappropriated funds belonging to his member firm employer and failed to cooperate in an investigation by the NYSE Division of Enforcement.

• An NYSE hearing panel found that, during the period from approximately November 2000 through July 2002, Buck misappropriated approximately $13,500 in funds belonging to his member firm employer by redirecting third party checks from a firm disbursement account to his own personal accounts and by obtaining salary advances without appropriate authorization.  Buck also failed to comply with a written request by the Exchange that he appear and testify.

The NYSE imposed a penalty of a censure and permanent bar.   Buck consented to the penalty.

Raj Singhal of Edgewater, New Jersey , a former registered employee, consented without admitting or denying guilt to findings that he misappropriated funds belonging to his member firm employer and failed to cooperate in an investigation by the NYSE Division of Enforcement.

• An NYSE hearing panel found that, between approximately 2002 and February 2004, Singhal, in his capacity as a registered associate and vice president, misappropriated funds from his member firm employer in the amount of $86,283 by improperly using a car service charged to and paid for by the firm, charging personal purchases to his member firm corporate card and receiving reimbursement for unauthorized taxi cab usage.  In addition, Singhal failed to respond to written requests from the Exchange for information.

The NYSE imposed a penalty of a censure and permanent bar.  Singhal consented to the penalty.

The cases, prosecuted by the NYSE Division of Enforcement, may be subject to review by the Securities and Exchange Commission and, thereafter, federal courts.

About NYSE Regulation

On December 17, 2003, the SEC approved a new governance structure for the NYSE.  Under the new design, the NYSE Board of Directors is comprised solely of independent directors, except for the chief executive officer, who have no affiliation with any regulated member firm.  A new position of chief regulatory officer was created and reports directly to the board of directors through a new Regulatory Oversight Committee.  As a result, NYSE Regulation is insulated from potential influence from NYSE members and member firms, operates separately from the business side and is independent in its decision-making.