Massachusetts authorities have imposed a $200,000 fine against a New York brokerage firm that had close ties to Bernard Mardoff, saying it willfully broke state securities laws.
Secretary of State William Galvin said Tuesday that regulators have issued a final order that found Cohmad Securities Corp. failed to keep and provide authorities certain required books and records.
The firm also engaged in unethical or dishonest conduct in the securities business and failed to reasonably supervise its agents.
The company also made false or misleading statements to Massachusetts regulators investigating its ties to Mardoff's alleged $65 billion ponzi scheme.
The order requires Cohmad to cease-and-desist from further violations and provide an accounting of all Massachusetts investors it referred to Mardoff and fees the firm received.
The company has denied any wrongdoing.
This program aired on August 18, 2010. The audio for this program is not available.