He attributed the firm's demise to the problems of a rogue broker.

When they announced the case, prosecutors said the ring of rogue brokers made more than $11 million in illegal trading profits.

I am not a rogue broker.

In a response that the state regulators' association plans to file today, the state officials will argue that their procedures weed out rogue brokers who would otherwise prey on citizens.

"So now, just like when they said their problems came from rogue brokers, do they have rogue telemarketers?"

The charges stemmed from a Federal case last year charging that a group of rogue brokers operating from the exchange floor made more than $11 million in illegal trading profits.

The fund industry has also managed to avoid major scandals, like Wall Street's problems with Treasury bond trading a few years ago and the rogue brokers who have run amok at some financial institutions.

Ms. Ludwig agreed: "It's not just your rogue broker or lender on the street.

Mr. Houtkin attributed the infractions to "a rogue broker," but All-Tech agreed to close its operation in Massachusetts and not reopen shop there for two years.

Instead of letting rogue brokers bounce from firm to firm, they are considering a "three strikes and you're out" policy, dismissing them after three substantiated customer complaints.