Held, law judge's findings of violations remanded for further findings. Phillip W. Offill, Jr. and Karen L. Cook, for the Commission's Division of Enforcement. Following a hearing, the law judge found that respondents charged retail customers fraudulent markups and markdowns in 1992 and 1993. The law judge suspended DEW's registration as a broker-dealer for 30 days and ordered it permanently to cease and desist from committing or causing any violation and committing or causing any future violations of the provisions it was found to have violated. In addition, the law judge suspended Miller, Karpf, and Wine for 30 days from association with any broker or dealer and ordered them permanently to cease and desist from committing or causing any violation and committing or causing any future violations of the provisions they were found to have violated.
Respondents seek a reversal of the law judge's decision.
To the extent that we make findings in this opinion, they are based on an During the relevant period, Miller was the Firm's compliance officer, Karpf was a director of the Firm and vice president of trading, and Wine was Chairman of the Board and president of the Firm. Miller developed the Firm's markup and markdown policies and procedures and participated in implementing them. Miller had responsibility for reviewing each transaction for pricing before execution. Karpf reviewed all order tickets before trades were executed. Wine approved the Firm's policies regarding markups and markdowns and delegated responsibility for pricing to Miller and Karpf.