The SEC Orders find that Costas and Marvin negligently submitted retail orders for municipal bonds on behalf of their flipper customers. The orders also find that Costas helped UBS bond traders to improperly obtain bonds for UBS’s own inventory through his flipper customer.
Without admitting or denying the SEC charges, Costas and Marvin agreed to the entry of the orders finding that they violated MSRB Rules G-11(k) and G-17.
Costas agreed to pay disgorgement and prejudgment interest totaling $16,585 and a civil penalty of $25,000. Marvin agreed to pay disgorgement and prejudgment interest totaling $27,966 and a civil penalty of $25,000. They also agreed to a 12-month limitation on trading negotiated new issue municipal securities.
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