The Securities and Exchange Commission has charged Scott Monson, the former general counsel of J.B. Oxford, for allowing customers of the brokerage firm to make late trades and market time mutual funds.

He is the fourth individual at J.B. Oxford to be so charged; earlier this year, three other former executives at the company and its clearing arm, National Clearing Corp., agreed to pay $2.2 million for allegedly permitting thousands of improper and illegal trades. The SEC first brought its charges against the company in 2004.

“Attorneys who facilitate illegal conduct by their company must be held as accountable as any other corporate offices,” said Randall Lee, Pacific regional director for the SEC. “By drafting an agreement allowing for illegal late trading with utter disregard for whether its terms complied with SEC rules and regulations, Monson caused NCC to violate federal securities laws.”

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