Bernstein, analyst fined over personal trades

0 Comments | USA TODAY, February, 2006 | by Adam Shell

NEW YORK -- In an expensive reminder to analysts that selling stocks they have positive ratings on is a no-no, a Wall Street regulator Wednesday fined independent research firm Sanford C. Bernstein and one of its analysts a combined $550,000.

The fines were the largest ever levied by the NASD since new conflict-of-interest rules went into effect in July 2002 after the scandal involving biased stock research rocked Wall Street.

NASD fined Bernstein, a unit of Alliance Capital Management, $350,000, and analyst Charles "Brad" Hintz $200,000. The firm and Hintz didn't admit or deny the charges.

An interesting twist to this case is that the firm, which has often been cited as a pillar of independence and integrity, allegedly devised a plan to help Hintz find what...