
NASD censured and fined Piper Jaffray & Co. $2.4 Million for engaging in improper spinning of hot initial public offerings (ipos). Piper Jaffray violated NASD rules by allocating and selling profitable hot ipos to executives of corporations from which Piper Jaffray was seeking, or had obtained, investment banking business. For more info visit https://web.archive.org/web/20041010100629/http://www.nasdr.com/news/pr2004/release_04_047.html