Pali Capital, Inc., the U.S. subsidiary of Pali Holdings, Inc., announced that Joseph Schenk has joined the firm as COO, reporting to Brad Reifler, chairman and CEO. Schenk was executive vice president and CFO of Jefferies Group, Inc., with responsibilty for all finance, accounting, risk, treasury, internal audit, investor, and rating agency relations, as well as tax and accounting policy matters…
The Securities and Exchange Commission penalized St. Louis-based broker/dealer Scottrade, Inc., for "fraudulent misrepresentations it made to customers relating to the firm's execution of their Nasdaq pre-open orders," which are placed after the day's market close to be executed at the next market opening. Without admitting or denying the SEC's findings, Scottrade agreed to pay a $950,000 penalty to settle the charges. According to the Commission's Order, Scottrade did not conduct a regular review of the execution quality of its Nasdaq pre-open orders, and falsely disclosed to customers that it would route orders based on factors including liquidity at market opening, when in practice it did not do so…
