A recent decision involving Credit Suisse. Sure there are grey zones, but some get caught and have to pay! (Total fine: 165 000 $)

".... Further, the CARS reports for August 2007 to November 2007 contained red flag warnings that the buy orders for the DMA Account for the shares of the Issuers appeared to create artificial sale prices, these included:

1. the fact that the buy orders were being filled near the close of the market;
2. the number of upticks that the last trades of the day established;
3. the changes in price of the Issuers effected by the last trades of the day; and
4. the number of months the Issuers appeared on the CARS reports.

... The information in the CARS reports should have caused Credit Suisse to scrutinize all the buy orders that the DMA Account executed and to promptly question its client."

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=B031A7F99290403AAB4C87ECBDD35EAF&Language=en

GLTA.

BaBe.