April 8, 2011 – The Securities and Exchange Commission said that for the first time it has fined brokerage executives for violating privacy regulations designed to prevent confidential information on customers from being sent to third parties without their consent.

Frederick Kraus, national sales manager of the defunct Tampa, Florida-based firm GunnAllen Financial Inc: agreed to pay a $20,000 fine. David Levine, its national sales manager also agreed to pay a $20,000 fine while chief compliance officer Mark Ellis agreed to a $15,000 fine. They did not admit to any wrongdoing.

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