WASHINGTON -- Howard Crash, a government securities dealer in New York City, was permanently banned from the securities business by the Securities and Exchange Commission in connection with charges that he paid kickbacks to the head trader of Continental Grain Co.
The ban was announced by the SEC yesterday as part of a settlement of charges filed by the SEC.
The SEC charged that Crash paid over $900,000 to Robert S. Cutillo, former head government securities trader at Continental, for continued orders from early 1986 to December 1990.
In exchange for the payments, Cutillo allegedly directed trades to Crash at Prudential Securities, UBS Securities, and several other firms.
Under the settlement, Crash consented to findings of violating federal anti-fraud laws. Under a final judgment entered in court, he neither admitted nor denied the allegations.