Crowell, Weedon & Co. (CRD #193, Los Angeles, California) submitted a Letter of Acceptance, Waiver, and Consent in which the firm was censured, fined $10,000, and required to submit revised written supervisory procedures with respect to compliance with the firm quote rule to the NASD. Without admitting or denying the allegations, the firm consented to the described sanctions and to the entry of findings that as a registered market maker in securities, it failed to execute orders presented at the firm's published bid or published offer in an amount up to its published quotation size, failed to execute orders, and thereby, failed to honor its published quotation. The NASD also found that the firm failed to establish, maintain, and enforce written supervisory procedures. (NASD Case #CMS010099)
