NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

NASD RULE 2110 - A MEMBER FIRM, ACTING THROUGH QUICK, ENTERED INTO AGREEMENTS WITH A CORRESPONDENT MEMBER FIRM THAT ENABLED IT TO MISCLASSIFY CERTAIN FUNDS AS ALLOWABLE ASSETS FOR NET CAPITAL PURPOSES ON ITS FOCUS REPORTS AND OTHER FINANCIAL DOCUMENTS; AND PREPARED INACCURATE FINANCIAL RECORDS.

Acceptance, Waiver & Consent(AWC)

Censure

Civil and Administrative Penalty(ies)/Fine(s)

$75,000.00

WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, QUICK CONSENTED TO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS, THEREFORE, HE IS CENSURED AND FINED $75,000, JOINTLY AND SEVERALLY.

WITHOUT ADMITTING NOR DENYING THE ALLEGATIONS OR FINDINGS, FIRM AND CONTROL AFFILIATE FINED AN ACCEPTANCE, WAIVER AND CONSENT (AWC) ON JUNE 27, 2003.

NASD

ON OR ABOUT MARCH 24,2003, MR. QUICK WAS NOTIFIED THAT THE NASD WAS CONSIDERING FILING AN ENFORCEMENT ACTION, ALLEGING THAT IN 2000 HE AIDED AND ABETTED AN INTRODUCING FIRM OF U.S. CLEARING IN VIOLATING NET CAPITAL RULES AND GAVE INCOMPLETE OR INACCURATE INFORMATION TO THE NASD. MR. QUICK VEHEMENTLY DISPUTES THE PROPOSED CHARGES BY THE STAFF AND INTENDS TO VIGOROUSLY DEFEND HIMSELF AGAINST THE PROPOSED ENFORCEMENT ACTION.