NASD SUMMARILY SUSPENDS OXFORD CAPITAL SECURITIES
NASD SUMMARILY SUSPENDS OXFORD CAPITAL SECURITIES WASHINGTON, Nov. 6 /PRNewswire/ -- The National Association of
Securities Dealers, Inc. (NASD), the self-regulatory organization for The Nasdaq Stock Market and the over-the-counter securities markets, has summarily suspended Oxford Capital Securities, Inc., in New York City, as of the close of business on Nov. 5, 1991.
The suspension, under Article VIII of the association's Code of Procedure, is based on a determination by the NASD that Oxford is in such financial and operational difficulty that it cannot be permitted to continue as a member of the association with safety to investors, creditors and other members. According to the NASD, Oxford failed to demonstrate compliance with certain financial and operational regulations, including the Securities and Exchange Commission's rules regarding net capital, customer protection and books and records. Oxford had failed to record unregistered debt obligations on its books, and these obligations made the firm's net capital position deficient. Further, Oxford failed to make and keep current its books and records and also failed to record certain of its bank accounts on its books. Additionally, Oxford received customer funds through the redemption of customers' mutual fund shares and variable annuities, failed to place them in a segregated account and thereby failed to comply with the SEC's customer protection rule. -0- 11/6/91 /CONTACT: Douglas Henderson, 212-858-4180, or Robert Ferri, 202-728-8955, both the National Association of Securities Dealers/ CO: National Association of Securities Dealers, Inc.; Oxford Capital Securities, Inc. ST: New York IN: FIN SU: TW -- DC024 -- 1757 11/06/91 13:20 EST
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|Date:||Nov 6, 1991|
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