His crime(brace your self) was conducting OTC business at less than NYSE
commission rates/rules and competing for business on a price basis by charging lower
commissions.
Wrong. He was paying illegal secret commissions and selling shares in a major scam.
How dare he return commissions to his clients
For doing this evil deed(good deed IMO
from trading.
There is no law against reducing brokerage. Arthur Lipper was illegally paying secret commissions as part of a major international fraud.
He was originally suspended from the finance and brokerage industry for life. The suspension was reduced to 12 months many years after he had left stockbroking.
Arthur Lipper created a legal precedent for white collar fraud cases that is still used today.
share price, page-90
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