The Securities and Exchange Commission is taking proceedings against brokerage Trautman Wasserman and a number of its executives, including the chairman and chief executive officer, charging them with late trading for clients and the firm’s own account. Named in the case are CEO Greg Trautman, Chairman Samuel Wasserman, Chief Compliance Officer Forde Prigot Chief Financial Officer Mark Barbera, Chief Administrative Officer Jerome Snyder and Registered Representative James A. Wilson, Jr.
A lawyer for Wasserman told Dow Jones, “We are reviewing the SEC order,” while a lawyer who represents the brokerage firm and Trautman declined comment.
The SEC said the company also engaged in market timing.
A hearing will be scheduled before an administrative judge to determine whether the allegations contained in the order are true.