Financial Services Industry
Industry: Email Alert RSS FeedDatek's Citron banned. (Street Crime).(Jeffrey Citron is banned from brokerage business)(Brief Article)
Research, March, 2003
THE FOUNDER of one-time daytrading haven Datek Online, Jeffrey Citron, is out of the brokerage business forever.
Citron, 32, agreed to permanent banishment from the securities industry to settle longstanding charges that he had used a Nasdaq system intended for small investors to make millions of trades, effectively manipulating the market.
He will also pay a $22.5 million fine.
Among Citron's Datek cronies, Sheldon Maschler, once the firm's chief trader, was fined $29.2 million and will no longer work in the industry again. Other Datek personnel suffered less drastic censure and paid smaller fines, either for participating in the trading scheme or trying to cover it up afterward.
After Datek spun off its daytrading operation as...
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