In 1974, however, (the year following commencement of listed o trading) the registered representative began trading listed options in her account. In that single year, he effected more than 200 tra and generated nearly $40,000 in commissions, more than 25 percent o his total gross commissions for the year. While the loss of $200,00 in the account cannot be attributed solely to options trading, optic transactions contributed significantly to these losses and provided the vehicle by which this salesman earned extraordinary commissions at the expense of this unknowing client. The following table summar the activity in this account: of options accounts have come to the attention of the Options Study. 3 38/ These cases come from several sources, including: the review of customer complaints submitted by broker/dealers or received directly from customers; Commission enforcement actions; private litigation; the disciplinary proceedings of self-regulatory organ zations; and the reports of broker-dealer inspections by self-reg organizations and the Commission's staff. |