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The Portland-based investment banking and securities firm said in the filinv that it intendsto "defend this matter as it believes its activities violaterd no federal or state laws or regulations. Accordingh to the filing, the NASD informedr Paulson (NASDAQ: PLCC) on April 12 of a preliminary determinatiobn to recommend disciplinary action against Paulson for violations of a rules of conducgregarding mutual-fund market timing and failures to supervise the firm's mutual-fund business.
The NASD also made a similar determination with respect to Paulson President GlennhDavis "apparently for failure to supervise as he did not participater in any of the trades identified by the NASD as rule the filing said. The NASD has proposed resolving the actiom with Paulson in returnfor $341,000o in restitution and $525,000 in fines, the filing stated. The conducft at question relates to activities undertaken in August and Septembetr of 2003 by employeesin Paulson'e New York office. Paulson is to file a responsde tothe NASD's preliminary determination May 17, 2005, accordingb to the filing. If not the matter will proceee to a hearing before the either in 2005or 2006.
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