NYSE DIVISION OF ENFORCEMENT

**5/12/97** STIPULATION AND CONSENT TO PENALTY FILED BY NYSE DIVISION OF ENFORCEMENT AND PENDING. CONSENTED TO FINDINGS: WITHOUT ADMITTING OR DENYING GUILT, STANGER CONSENTS TO A. FINDINGS BY THE HEARING PANEL THAT HE: 1. VIOLATED EXCHANGE RULE 352(C) IN THAT HE SHARED OR AGREED TO SHARE IN THE LOSSES OF ONE CUSTOMER; AND 2. ENGAGED IN CONDUCT INCONSISTENT WITH JUST AND EQUITABLE PRINCIPLES OF TRADE IN THAT HE: a. EFFECTED ONE OR MORE UNAUTHORIZED TRADES IN THREE CUSTOMER ACCOUNTS; AND b. MADE ONE OR MORE MISSTATEMENTS TO THREE CUSTOMERS CONCERNING THEIR ACCOUNTS. B. THE IMPOSITION BY THE EXCHANGE OF THE PENALTY OF A CENSURE , A SUSPENSION FROM MEMBERSHIP, ALLIED MEMBERSHIP, APPROVED PERSON STATUS, OR EMPLOYMENT OR ASSOCIATION IN ANY CAPACITY WITH A MEMBER OR MEMBER ORGANIZATION FOR A PERIOD OF ONE MONTH, AND A FINE OF 2,000.

Stipulation and Consent

Monetary/Fine

$2,000.00

Censure

Suspension

**7/7/97** HEARING PANEL DECISION 97-79 ISSUED BY NYSE HEARING PANEL. VIOLATED RULE 352(c) BY AGREEING TO SHARE IN THE LOSSES OF A CUSTOMER, EFFECTED UNAUTHORIZED TRADES IN CUSTOMERS' ACCOUNTS AND MADE MISSTATEMENTS TO CUSTOMERS -- CON SENT TO CENSURE, ONE MONTH SUSPENSION AND $2,000 FINE.

Not Provided