The following is reposted from the PRKR board by another poster.
Brief synopsis of facts taken from the 11/18/1999 Boston Globe article:
MA has charged Steven Young of "Young Management Group" and a broker from Whale Securities with pumping up the price of a company which paid Young, broker James Whitten from Whale Securities, another broker from Salomon and brokers from a couple of other companies with taking part in an illegal scheme to promote stock prices in four companies.
The four companies listed in the article were PALOMAR MEDICAL, Lasertec International, Nuko Securities, and some Cable company (sorry only so much room in short-term memory).
Young would receive warrants and then work with a broker (such as Whitten) at Whale, Salomon, and other companies to promote the underlying stock.
Assumedly the brokers themselves also received warrants as compensation, although this wasn't detailed in the Globe article, I'm assuming that based on Asensio's press release.
The article also mentions that Whale has been in trouble elsewhere involving IPOs.
Summary: There are some scum-buckets who work at Whale Securities.