SECURITIES

NASD Accuses Stratton Oakmont of Fraud: The penny stock firm, struggling to finance a $15.5-million settlement with New York regulators for alleged sales fraud, also faces $28 million in fraud charges from the National Assn. of Securities Dealers. The NASD accused the Lake Success, N.Y.-based firm of defrauding investors in the underwriting of five initial public offerings. Also charged with market manipulation were Stratton Oakmont Inc. President Daniel M. Porush, head trader Steven P. Sanders, Jordan D. Shamah, a vice president, and Irving Stitsky, a former broker. Stratton, an RMS Network Inc. unit, said that the events in question occurred while the firm was under different management. The NASD charges involve events between June 1993 and April 1994. “We are confident that upon a full hearing in the proper administrative forum, the firm will be found to have conducted business in a proper and ethical manner, consistent with just and equitable principles of trade,” Stratton said.