The cases may be subject to review by the Securities and Exchange Commission, and, thereafter, by federal courts.

Those disciplined include Michael Stern of New Canaan, Conn., formerly of Van der Moolen Specialists USA; Julio Martinez, who was employed by Quick & Reilly; Paul Grassi, Jr. of Manhasset, N.Y.; Richard Erb II of Alexandria, Va., formerly of Morgan Stanley Dean Witter; Marshall Lewis Brass of West Palm Beach, Fla., formerly of Merrill Lynch, Pierce, Fenner & Smith Inc.; Paul Maines, a former broker for Morgan Stanley; and Vince Cunningham of Henderson, Nev.

Grassi was denied reinstatement after being found guilty by an NYSE hearing panel of using a blank drug prescription form to falsely obtain a prescription.

Erb received a penalty of censure and a two-year NYSE bar for making investment transactions for a mentally incapacitated customer without obtaining proper permissions to do so.

Brass received censure and a seven-month bar from the exchange for exercising discretionary authority in the accounts of 11 customers without written authorization.

Cunningham, Maines, Martinez and Stern were permanently barred from the exchange.