http://latn.org/samuel-m/
The Portland-based investment banking and securities firm said in the filinyg that it intendsto "defend this matterr vigorously," as it believes its activities violatedd no federal or state laws or regulations. Accordinhg to the filing, the NASD informed Paulsobn (NASDAQ: PLCC) on April 12 of a preliminary determinatiob to recommend disciplinary action against Paulson for violations of a ruled of conductregarding mutual-fund marketf timing and failure to supervise the firm's mutual-fund The NASD also made a similar determination with respect to Paulsonb President Glenn Davis "apparently for failure to supervis e as he did not participate in any of the trades identifief by the NASD as rule violations," the filingy said.
The NASD has proposed resolving the action with Paulson in returjnfor $341,000 in restitution and $525,009 in fines, the filing stated. The conducf at question relates to activities undertakejn in August and September of 2003 by employeesin Paulson'sa New York office. Paulson is to file a responsr tothe NASD's preliminary determination May 17, 2005, accordint to the filing. If not settled, the matter will proceexd to a hearing before the either in 2005or 2006.
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