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Van der Moolen Finds Friendship Costly

Stock quotes in this article: VDM , BSC , GS , MS  

Big Board specialist firm Van der Moolen (VDM Quote) is paying a $3.5 million fine to settle allegations of impropriety in the firm's now-defunct stock-lending operation.

The fine, levied by the New York Stock Exchange, could be the first of many as Big Board regulators say they are focusing on alleged stock-lending abuses.

The fine against Van Der Moolen stems from allegations the firm paid "unjustified finders' fees" to 29 friends and family members of its stock-lending department. The fees were allegedly paid as compensation for helping to arrange stock-loan transactions. ...

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