A former National Association of Securities Dealers official who later went to work for the Stanford Group could face charges in connection with the investigation into a $7 billion Ponzi scheme at the investment firm, reports The Wall Street Journal. The newspaper says Bernerd Young, a former district director of NASD’s Dallas office, received a Wells notice from the SEC last month. A Wells notice indicates the SEC intends to recommend filing charges. Young worked for NASD, the predecessor to the Financial Industry Regulatory Authority, from 1984 to 2003. In 2006, he became chief compliance officer for a brokerage firm that was part of Stanford. Young has denied any wrongdoing, reports The Journal. The newspaper says the notice could indicate the ongoing investigation into Stanford may have turned toward others in the bank. Read the story here.
Ex-watchdog could face charges in Stanford case
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