WASHINGTON -- The National Association of Securities Dealers is looking into the bond trading activities of David Maisel, a former Glickenhaus & Co. general partner who resigned from the municipal bond firm this summer, according to New York State records.

"Maisel [allegedly] sold bonds out of managed customer accounts to a dealer with the intention of later repurchasing them for family accounts," according to a report by the New York Bureau of Investor Protection and Securities. "At the time of the repurchase, the market price was several points higher than the price actually paid."

"Later, the bonds were sold for a profit of approximately $75,000," the report says, adding that Mr. Maisel is under "internal review" at Glickenhaus for allegedly "disadvantaging customer accounts in favor of [a] family account.

"The event was reported to the NASD and the New York Stock Exchange, who are currently investigating," the report says. It is unclear whether formal investigations have been launched by the NASD and NYSE.

The report does not specify the kinds of bonds involved.

The state's report is largely a reprint of a report prepared by the NASD, which has a policy of not releasing such documents. The NASD report is drawn largely from a U-5, a document NASD members -- in this case Glickenhaus -- file when there is a change in an employee's registration status with the association.

According to the report, Mr. Maisel was "permitted to resign" from the firm.

John Pinto, executive vice president for compliance at the NASD, said he could not comment, in accordance with the group's policy. An NYSE spokesman said the exchange cannot comment on whether an investigation is pending.

Richard Walker, New York regional administrator for the Securities and Exchange Commission, said he had no comment on whether the SEC was investigating Mr. Maisel's activities.

Seth Glickenhaus, senior partner of the firm, also said he had no comment. Mr. Maisel, reached at his home last week, said he had no comment.

"Mr. Maisel left Glickenhaus a number of months ago for personal reasons after 14 years of energetic service to the firm," said Mr. Maisel's attorney, Robert Jossen, of Shereff Friedman Hoffman & Goodman in New York City. "And like a lot of other people, he's currently spending more time with his family. He intends to pursue some other opportunities in the future."

Mr. Jossen had no further comment on Mr. Maisel's departure from Glickenhaus.

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