Patrick T. Donahue, a former penny stock broker with H.J. Meyers & Co., has been fined $2,500 and suspended for working in the securities business for three days for overcharging customers on stock sales because they accepted excessive commissions.
Donahue, who lives at 120 Eagle Crest Drive in Hamburg, was one of 19 brokers disciplined by the National Association of Securities Dealers Inc. following an investigation of H.J. Meyers' trading practices between 1990 and 1993.
Donahue, who worked for Thomas James Associates Inc. from July 1992 to November 1994, charged unfair prices that led to excessive commissions on sales of Xerographic Laser Images Corp. and Integrated Security Systems Inc. securities.
Thomas James merged with H.J. Meyers in April 1995.
Donahue, who now works for Josephthal, Lyon & Ross Inc., accepted the penalty without admitting or denying guilt.