A federal judge in Orlando, Florida has permanently barred Richard Goble, president of a defunct clearing firm and a critic of the Financial Industry Regulatory Authority, from the securities industry and ordered him to pay a fine of $7,500.

U.S. District Judge Mary Scriven said that Goble was guilty of engaging in an improper transaction to keep his clearing firm afloat. The firm, North American Clearing, was shut down by the Securites and Exchange Commission in May 2008. At one point it had about 40 small broker-dealer clients and cleared transactions for 10,000 customer accounts valued at more than $500 million.

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