Alpine, Executives Liable to SEC for Client Account Handling (2)

The SEC won its case against broker-dealer Alpine Securities Corp. and two executives for improperly selling customer securities the firm deemed worthless and transferring those it deemed abandoned, according to a federal court ruling.

A hearing on remedies will take place in November, Judge Richard F. Boulware said Tuesday for the US District Court for the District of Nevada. The Securities and Exchange Commission is seeking injunctions and civil penalties in its enforcement suit.

The alleged misconduct overlaps with the subject of a Financial Industry Regulatory Authority disciplinary proceeding that Alpine challenged in federal court in the District of Columbia. ...