All-Tech’s Harvey Houtkin Agrees to Fine, Suspension

Securities regulators took a high-profile stand to stamp out alleged abuses in the freewheeling business of “day trading” of stocks. In two separate legal actions, All-Tech Direct Inc., one of the nation’s largest day-trading firms, and several of its executives agreed to pay a total of more than $600,000 in fines to settle regulatory charges of arranging improper loans to clients, among other things. Harvey Houtkin — All-Tech’s chairman and chief executive officer, and the self-proclaimed father of day trading — agreed to a $50,000 fine and a 15-day suspension from the securities industry as part of a settlement with the National Association of Securities Dealers. (Wall Street Journal)

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