Christopher Scott Condurso (CRD #4531589, Registered Representative, Long Branch, New Jersey),  Enrique Aguilera (CRD #2762032, Registered Representative, Hazlet, New Jersey), and Derek Ryan Pines (CRD #4428120, Registered Principal, Hoboken, New Jersey), submitted Letters of Acceptance, Waiver and Consent in which Aguilera was fined $15,000, suspended from association with any NASD member in any capacity for two months and required to pay $900, plus interest, in restitution to a market maker. Condurso was fined $30,000, suspended from association with any NASD member in any capacity for three months and ordered to pay $2,482, plus interest, in restitution to market makers. Pines was fined $10,000 and suspended from association with any NASD member in any capacity for 45 days. The fines are due and payable before each respondent reassociates with a member firm following their suspension or before requesting relief from any statutory disqualification.
Without admitting or denying the findings, Pines, Aguilera and Condurso consented to the described sanctions and to the entry of findings that they knowingly and intentionally entered through their member firm’s proprietary trading account into NASDAQ’s SuperMontage one-share or odd-lot orders to sell or buy NASDAQ securities from NASDAQ market makers that were utilizing an automated system to maintain a specific spread between its bid and offer for the securities. The findings stated that the respondents entered these one share or odd-lot sell or buy orders against the inside bid or offer when one of the market makers was quoting 100 shares at the NASDAQ Best Bid or Offer (QBBO) and received execution for these orders. The findings also stated that after the one-share or odd-lot orders were executed, the size of the market maker’s quote decremented to an odd lot of shares and the market maker’s bid or offer moved to its next price level. The findings also included that after the QBBO changed, the respondents entered through the proprietary trading account into NASDAQ’s SuperMontage an order on the opposite side of the market to buy or sell at least 100 shares of the security, and received an execution order at the new QBBO from the same market maker that executed their orders. NASD found that by knowingly and intentionally engaging in this course of conduct, the respondents were able, on behalf of the firm’s proprietary account, to sell or buy shares of the securities at prices that were higher or lower than they would otherwise have been able to obtain but for their entry and execution of their orders.
Pines’ suspension in any capacity is in effect from January 2, 2007, through February 15, 2007. Aguilera’s suspension in any capacity is in effect from January 2, 2007, through March 1, 2007. Condurso’s suspension in any capacity is in effect from January 2, 2007, through April 1, 2007. (NASD Cases # 2005000029101/2005000029102/2005000029103)

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