Banc One Capital Markets Announces Settlement with NASD

Apr 05, 2001, 01:00 ET from Bank One Corporation

    CHICAGO, April 5 /PRNewswire/ -- Banc One Capital Markets, Inc. ("BOCM"),
 the capital markets unit of Bank One Corporation, announced today that it has
 resolved a regulatory investigation by the National Association of Securities
 Dealers, Inc. ("NASD").  Without admitting or denying any wrongdoing, BOCM
 agreed to pay a $1.8 million fine to settle charges related to the internal
 accounting problems caused by a systems changeover and its regulatory
 treatment.
 
     The accounting problems experienced by BOCM:
     - occurred in early 1999;
     - were purely internal; and
     - had no impact on BOCM's customers, their securities positions or the
       financial integrity of BOCM.
 
     After BOCM voluntarily reported the issue to its regulators, Bank One
 cooperated fully with the NASD, including conducting an independent review of
 the circumstances surrounding the problems that resulted from the systems
 changeover.
     As the NASD recognized in the settlement, BOCM willingly took action
 beginning in 1999 to correct the problems and to initiate enhancements in its
 personnel and procedures.
 
     These measures included:
 
     - BOCM hired key management personnel with substantial experience in the
       brokerage industry to strengthen the level of supervision and
       accountability within BOCM; and
     - BOCM voluntarily implemented substantial enhancements to its internal
       controls and procedures based upon recommendations from independent
       consultants.
 
     The settlement with the NASD allows Bank One to put the matter in the past
 and to look forward to the continued growth and expansion of its capital
 markets business.
     BOCM, a subsidiary of Bank One, provides commercial customers with a wide
 array of capital market products and services, including syndications,
 investment-grade securities, high-yield securities, private placements, asset
 securitization and tax exempt finance.  Bank One Corporation is the nation's
 fifth largest bank holding company, with assets of more than $265 billion.
 
 

SOURCE Bank One Corporation
    CHICAGO, April 5 /PRNewswire/ -- Banc One Capital Markets, Inc. ("BOCM"),
 the capital markets unit of Bank One Corporation, announced today that it has
 resolved a regulatory investigation by the National Association of Securities
 Dealers, Inc. ("NASD").  Without admitting or denying any wrongdoing, BOCM
 agreed to pay a $1.8 million fine to settle charges related to the internal
 accounting problems caused by a systems changeover and its regulatory
 treatment.
 
     The accounting problems experienced by BOCM:
     - occurred in early 1999;
     - were purely internal; and
     - had no impact on BOCM's customers, their securities positions or the
       financial integrity of BOCM.
 
     After BOCM voluntarily reported the issue to its regulators, Bank One
 cooperated fully with the NASD, including conducting an independent review of
 the circumstances surrounding the problems that resulted from the systems
 changeover.
     As the NASD recognized in the settlement, BOCM willingly took action
 beginning in 1999 to correct the problems and to initiate enhancements in its
 personnel and procedures.
 
     These measures included:
 
     - BOCM hired key management personnel with substantial experience in the
       brokerage industry to strengthen the level of supervision and
       accountability within BOCM; and
     - BOCM voluntarily implemented substantial enhancements to its internal
       controls and procedures based upon recommendations from independent
       consultants.
 
     The settlement with the NASD allows Bank One to put the matter in the past
 and to look forward to the continued growth and expansion of its capital
 markets business.
     BOCM, a subsidiary of Bank One, provides commercial customers with a wide
 array of capital market products and services, including syndications,
 investment-grade securities, high-yield securities, private placements, asset
 securitization and tax exempt finance.  Bank One Corporation is the nation's
 fifth largest bank holding company, with assets of more than $265 billion.
 
 SOURCE  Bank One Corporation