NASD Regulation Fines Banc One

greenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread

WASHINGTON -- NASD Regulation fined Bank One
Corp.'s Banc One Capital Markets unit $1.8 million
for inaccurate bookkeeping, Banc One said Thursday.

Banc One, the capital markets arm of Chicago-based
Bank One, agreed to pay the fine to settle the charges.
It said it would neither admit nor deny the allegations.

NASD Regulation is the regulatory arm of the National
Association of Securities Dealers. It said Banc One
operated from February 1999 through August 1999 without
a reliable accounting system.

In 1999, the company moved to convert to computerized
securities processing and accounting software. The
move caused discrepancies between the account balances
in Banc One's general ledger and underlying transaction
data balances, NASD said. By March 1999, the value of
the differences exceeded $1 billion, the regulator said.

Salt Lake Tribune

-- spider (spider0@usa.net), April 06, 2001


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