FINRA handed out suspensions and a lifetime ban to members of a Chicago-based brokerage team for staging a market manipulation scheme. The regulator announced sanctions against three former employees of Meyers Associates for a litany of offenses involving manipulating the market for common stock of IceWEB, an Internet service provider.
The broker said to have orchestrated the scheme, George Johnson, was barred from the securities industry for life. His supervisor Christopher Wynne was suspended from working in the industry in any capacity for two years. Wynne was also fined $25,000 and barred for life from working as a principal. A third member of the team, Joseph Mahalick was fined $20,000 and suspended for six months for falsifying records. Mahalick was barred from the industry earlier this year for a separate matter related to his work with a different securities firm.
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