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Stock market regulator NASD fined Salomon Smith Barney $5 million-the third largest fine in the regulator's history--for issuing "materially misleading" research reports on Winstar Communications.
Wireless Week, September, 2002
* Stock market regulator NASD fined Salomon Smith Barney $5 million-the third largest fine in the regulator's history--for issuing "materially misleading" research reports on Winstar Communications. The NASD also filed complaints against analyst Jack Grubman and an assistant, claiming that while the analyst and Salomon were advising clients to buy Winstar, internal communications outlined concerns over the company's access to capital.
Grubman resigned from Salomon in August.
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