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Forex Broker (AXcess News) New York - Kirlin Securities has been rigging the price of shares in its holding company, Kirlin Holding Corporation (Pink Sheets: KILN), according to charges filed recently by NASD. Regulators say that the Long Island, New York broker-dealer and two of its key executives conspired to manipulate the price of Kirlin Holding shares in an effort to maintain listing for the parent company on the NASDAQ National Market. The scheme ultimately failed. Kirlin Holding was bounced from the NASDAQ National Market in January 2005.

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Online Brokerage NASD says the manipulation was orchestrated by Anthony Kirincic, Kirlin Securities' co-CEO and the largest shareholder of Kirlin Holding, and Andrew Israel, Kirlin Securities' head trader. The two men, together with David Lindner, the former co-CEO of Kirlin Holdings and Kirlin Securities, also were charged with failure to obtain the best execution on a customer order for Kirlin Holding stock during this period.

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Real Estate Broker The scheme purportedly had its genesis in February 2002, after NASDAQ National Market notified Kirlin Holding that it faced delisting because of the Company's failure to maintain the minimal require share price. At the time Kirlin Holding had dipped below the requisite $1.00 a share level for 30 trading days. The Company was advised that the shares would be removed from NASDAQ National Market unless, within 90 days, its stock price increased to, and remained above, $1.00 per share for 10 consecutive trading days

Kirinci, who was the account executive for Kirlin Securities accounts held by his parents and his sister allegedly used those accounts to engineer the market manipulation. According to NASD, soon after NASDAQ issued its delisting warning, Kirincic forged his parents' signatures on Kirlin Holding stock certificates and caused Kirlin Holding to repurchase those shares from his parents' account. He also forged his parents' signatures on letters of authorization to transfer funds generated from these repurchases to his sister's account.

NASD's Complaint charges that, beginning on March 18, 2002, Kirincic and Israel began manipulating the Kirlin Holding stock price by entering large and frequent purchase orders for Kirincic's sister's account at prices in excess of the inside bid. In an apparent effort to boost the share price, those orders would sometimes be cancelled before they were fully executed, and replaced with new orders at higher prices. Kirincic's trading through his sister's account constituted a significant majority of the activity in Kirlin Holding stock.

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Agency Brokerage Spark For a time, the scheme was successful, creating the impression of an increased demand for Kirlin Holdings shares. As a result, the price of Kirlin Holding's common stock rose from $.64 per share on March 18, 2002, to more than $1.00 per share on April 2, 2002, despite the lack of any significant news about the Company and remained above $1.00 a share for the requisite 10 day period. On April 18, 2002 NASDAQ informed Kirlin Holding that it had satisfied the market's listing requirements and therefore the stock would not be delisted.

NASD' also claims that, on April 22, 2002, while Kirlin Holding's stock was still trading at more than $1.00 per share, Lindner and Israel, executed a sale of a customer's shares in Kirlin Holding at $.80 per share in a transaction with Kirlin Holding. At the time of this trade, the inside bid for the stock was $1.04 per share, and two of Kirincic's own relatives had sold their Kirlin Holding stock for $1.05 per share. NASD says that this violates the obligation for the brokerage firm, Lindner, and Israel to achieve best execution for their customer's order.

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Business Broker Kirlin Holding shares now trade on the Pink Sheets.

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