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Cumberland Brokerage Corporation (a FINRA registered broker-dealer based in Philadelphia, Pennsylvania) fined and censured by FINRA for securities violations

Wednesday, December 9th, 2009

FINRA recently announced that Cumberland Brokerage Corporation (a FINRA registered broker-dealer based in Philadelphia, Pennsylvania) has been fined $10,000 and ordered to pay restitution to customers. Without admitting or denying the findings, the firm consented to the entry of findings that, in pairs of transactions, it purchased municipal securities for its own account from customers and/or sold municipal securities for its own account to customers at an aggregate price (including any markdown or markup) that was not fair and reasonable, taking into consideration all relevant facts, including the best judgment of the broker, dealer or municipal securities dealer as to the fair market value of the securities at the time of transaction and of any securities exchanged or traded in connection with the transaction, the expense involved in effecting the transaction, the fact that the broker, dealer or municipal securities dealer is entitled to a profit, and the total dollar amount of the transaction.

Cumberland Brokerage Corporation clears its trades through Penson Financial Services, Inc., a FINRA broker dealer based in Dallas, Texas. Cumberland Brokerage’s principals are Glenn Sharf, Ellyn Bruce, and Malcolm Segal.

If you have any questions about investments you made with Cumberland Brokerage Corporation or if you believe that you have been the victim of a securities fraud, the Law Offices of David A. Carter, P.A. may be able to help. David A. Carter is a securities fraud attorney based in Boca Raton, Florida. He reviews securities fraud cases throughout the country and Pennsylvania, including securities fraud cases in Philadelphia and Pittsburgh. To contact us, please call us at 561-750-6999 or send an email to contact@carterpa.com. For more information on the firm, please visit http://www.carterpa.com.

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