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BUSINESS
By Peter H. Frank and Peter H. Frank,Staff Writer | May 15, 1993
PaineWebber Mortgage Finance Inc., with more than 150 employees at its headquarters in Columbia, has been sold to a group including the company's management for an undisclosed amount, the company announced late yesterday.A spokeswoman for the mortgage banking company, formerly owned by PaineWebber Group Inc., said the purchase would have no effect on employment at the company and would not affect homeowners whose mortgage is held by the company.Cindy Jones, the company's spokeswoman, said PaineWebber Mortgage employs a total of 400 workers.
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BUSINESS
January 20, 1996
PaineWebber Inc., the investment and brokerage firm, has agreed to pay a fine of $115,890 to the state of Maryland as part of a multi-state settlement concerning alleged violations of securities law.The charges grew out of the sale of limited partnerships in the late 1980s and early 1990s.The settlement will be incorporated in a consent order with the securities division of the Maryland attorney general's office and requires the firm to take steps to prevent future violations of securities law.In a related consent order issued by the Securities and Exchange Commission, PaineWebber will pay $292.
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BUSINESS
By New York Times News Service | October 29, 1994
NEW YORK -- Seeking to prevent wholesale defections at Kidder Peabody & Co., the PaineWebber Group Inc. sued two rivals yesterday, accusing them of offering "exorbitant" financial incentives to lure Kidder's top brokers away before PaineWebber completed its takeover of Kidder.In separate lawsuits, filed in New York City and Chicago, PaineWebber contended that the recent hiring of Kidder brokers by Donaldson, Lufkin & Jenrette Inc. and Dean Witter Reynolds Inc. constituted a raid that could jeopardize its deal to buy Kidder from General Electric Co. for $670 million in stock.
BUSINESS
July 28, 1995
Lockheed stock repurchase OK'dLockheed Martin Corp. said yesterday that its board approved the repurchase of as many as 15 million shares to reduce the dilution of shares issued in employee benefit plans.Stock in the Bethesda-based aerospace and defense company closed up $2.875 at $64.875 on the New York Stock Exchange.Lockheed is buying back as many as 6 million shares to counter the dilutive effect of stock issued under a performance award plan and another 9 million to counter shares issued under other employee programs.
BUSINESS
By Ellen James Martin and Ellen James Martin,Staff Writer | August 8, 1992
It wasn't designed that way, but the Baltimore office tower known as 100 East Pratt is becoming something of a financial-services center.PaineWebber Investments Inc., an investment brokerage, signed a lease yesterday to move into a 10,000-square-foot space on the 21st floor of the newly expanded building, which overlooks the Inner Harbor. Already, the tower provides space for such financial-services firms as T. Rowe Price Associates and Merrill Lynch.Terms of the 10-year lease were not disclosed.
BUSINESS
January 20, 1996
PaineWebber Inc., the investment and brokerage firm, has agreed to pay a fine of $115,890 to the state of Maryland as part of a multi-state settlement concerning alleged violations of securities law.The charges grew out of the sale of limited partnerships in the late 1980s and early 1990s.The settlement will be incorporated in a consent order with the securities division of the Maryland attorney general's office and requires the firm to take steps to prevent future violations of securities law.In a related consent order issued by the Securities and Exchange Commission, PaineWebber will pay $292.
BUSINESS
By Bloomberg Business News | May 15, 1993
ST. LOUIS -- PaineWebber Group Inc. and its subsidiaries have paid more than $2.4 million to settle complaints against a former employee named in a lawsuit by Sen. Christopher S. Bond, securities industry records show.Mr. Bond, a Republican from Missouri, accused broker William J. Reik Jr. of mishandling and losing $1.3 million in a blind trust that Mr. Reik managed from 1985 through early 1991.The suit, filed Thursday in U.S. District Court in St. Louis, names PaineWebber Group, its PaineWebber Inc. brokerage unit, its Mitchell Hutchins Asset Management unit and Mr. Reik as defendants.
BUSINESS
By David Conn and David Conn,Staff Writer | December 31, 1992
The Maryland attorney general's office announced yesterday that it has levied a record amount of fines against the PaineWebber Inc. brokerage firm and an affiliate for failing to register some employees as investment advisers as required by state law.PaineWebber and its Mitchell Hutchins Asset Management Inc. affiliate agreed to pay the state $180,000 in fines and costs and agreed to resolve violations of the Maryland Securities Act, according to Attorney General...
BUSINESS
By New York Times News Service | June 9, 1994
In a virtually unprecedented bailout of a money-losing mutual fund, PaineWebber Inc. said yesterday that it would put $33 million into one of its funds in order to partly compensate investors for unexpectedly heavy losses.PaineWebber's Short-Term U.S. Government Income Fund, which promised investors high returns with low risk, invested in various complex one-of-a-kind securities based on home mortgages. The fund performed well last year, but declined by 5.7 percent this year, including a 4 percent drop on a single day, May 6.PaineWebber said it was taking the highly unusual step of partly bailing out investors because its marketing material for the fund had indicated that it did not intend to invest in these complex mortgage securities.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | September 30, 1994
A former Baltimore stockbroker, accused by securities regulators of stealing $3.7 million from his clients, has settled the case by promising not to commit similar acts in the future.Former PaineWebber Inc. broker D. Jeffrey Rice, in a consent decree and final judgment entered simultaneously with a lawsuit filed by the Securities and Exchange Commission, neither admitted nor denied guilt but agreed to refrain from committing the types of illegal acts outlined in the civil complaint.The SEC said it did not seek a fine because of Mr. Rice's "demonstrated inability to pay."
BUSINESS
By New York Times News Service | October 29, 1994
NEW YORK -- Seeking to prevent wholesale defections at Kidder Peabody & Co., the PaineWebber Group Inc. sued two rivals yesterday, accusing them of offering "exorbitant" financial incentives to lure Kidder's top brokers away before PaineWebber completed its takeover of Kidder.In separate lawsuits, filed in New York City and Chicago, PaineWebber contended that the recent hiring of Kidder brokers by Donaldson, Lufkin & Jenrette Inc. and Dean Witter Reynolds Inc. constituted a raid that could jeopardize its deal to buy Kidder from General Electric Co. for $670 million in stock.
BUSINESS
By David Conn and David Conn,Sun Staff Writer | September 30, 1994
A former Baltimore stockbroker, accused by securities regulators of stealing $3.7 million from his clients, has settled the case by promising not to commit similar acts in the future.Former PaineWebber Inc. broker D. Jeffrey Rice, in a consent decree and final judgment entered simultaneously with a lawsuit filed by the Securities and Exchange Commission, neither admitted nor denied guilt but agreed to refrain from committing the types of illegal acts outlined in the civil complaint.The SEC said it did not seek a fine because of Mr. Rice's "demonstrated inability to pay."
BUSINESS
By New York Times News Service | July 23, 1994
NEW YORK -- The PaineWebber Group disclosed yesterday that it would spend $180 million to bail out a mutual fund battered by its holdings of the highly technical and often risky securities called derivatives.The rescue effort comes on top of $88 million already spent by the big brokerage to reimburse investors burned by what was advertised as a safe and secure mutual fund.The bailout, at $268 million, may be the largest ever in the mutual fund industry.It is the latest and sharpest example of the way Wall Street wizardry can go wrong -- and how such problems can hurt ordinary Americans.
BUSINESS
By New York Times News Service | June 9, 1994
In a virtually unprecedented bailout of a money-losing mutual fund, PaineWebber Inc. said yesterday that it would put $33 million into one of its funds in order to partly compensate investors for unexpectedly heavy losses.PaineWebber's Short-Term U.S. Government Income Fund, which promised investors high returns with low risk, invested in various complex one-of-a-kind securities based on home mortgages. The fund performed well last year, but declined by 5.7 percent this year, including a 4 percent drop on a single day, May 6.PaineWebber said it was taking the highly unusual step of partly bailing out investors because its marketing material for the fund had indicated that it did not intend to invest in these complex mortgage securities.
BUSINESS
By David Conn and David Conn,Staff Writer | May 24, 1993
In case anyone is not yet convinced, the '80s are over, and proof positive can be found in David J. Gallitano, who this month led a management buyout of Columbia- based PaineWebber Mortgage Finance Inc.During the go-go years of the last half of the decade, an era ruled by men author Tom Wolfe called "masters of the universe," Mr. Gallitano spent his time crafting leveraged buyouts for one of Wall Street's biggest investment firms, PaineWebber Inc. He...
BUSINESS
By Peter H. Frank and Peter H. Frank,Staff Writer | May 15, 1993
PaineWebber Mortgage Finance Inc., with more than 150 employees at its headquarters in Columbia, has been sold to a group including the company's management for an undisclosed amount, the company announced late yesterday.A spokeswoman for the mortgage banking company, formerly owned by PaineWebber Group Inc., said the purchase would have no effect on employment at the company and would not affect homeowners whose mortgage is held by the company.Cindy Jones, the company's spokeswoman, said PaineWebber Mortgage employs a total of 400 workers.
BUSINESS
July 28, 1995
Lockheed stock repurchase OK'dLockheed Martin Corp. said yesterday that its board approved the repurchase of as many as 15 million shares to reduce the dilution of shares issued in employee benefit plans.Stock in the Bethesda-based aerospace and defense company closed up $2.875 at $64.875 on the New York Stock Exchange.Lockheed is buying back as many as 6 million shares to counter the dilutive effect of stock issued under a performance award plan and another 9 million to counter shares issued under other employee programs.
BUSINESS
January 9, 1993
Marriott court hearing postponedBethesda-based Marriott Corp. and its bondholders agreed yesterday to postpone a scheduling conference that had been set in U.S. District Court in Baltimore. The meeting was rescheduled for Jan. 29.Several bondholders' groups have sued Marriott, accusing the hotel-and-service company of securities fraud for failing to disclose a restructuring plan, announced Oct. 5, when it issued bonds last spring.PaineWebber fined in stock casePaineWebber Inc. was ordered to pay nearly $9.69 million yesterday by a three-member arbitration panel of the National Association of Securities Dealers for misleading the 38-year-old nephew of the late Sam Walton, the founder of Wal-Mart Stores Inc.The nephew, John Robson, claimed damages for an errant trading strategy involving 403,300 Wal-Mart shares designed by a PaineWebber broker.
BUSINESS
By Bloomberg Business News | May 15, 1993
ST. LOUIS -- PaineWebber Group Inc. and its subsidiaries have paid more than $2.4 million to settle complaints against a former employee named in a lawsuit by Sen. Christopher S. Bond, securities industry records show.Mr. Bond, a Republican from Missouri, accused broker William J. Reik Jr. of mishandling and losing $1.3 million in a blind trust that Mr. Reik managed from 1985 through early 1991.The suit, filed Thursday in U.S. District Court in St. Louis, names PaineWebber Group, its PaineWebber Inc. brokerage unit, its Mitchell Hutchins Asset Management unit and Mr. Reik as defendants.
BUSINESS
By David Conn | January 28, 1993
Personnel changes at PaineWebberSince an article appeared in The Sun in September detailing questionable trading activities at PaineWebber Inc.'s Hunt Valley office, the cast of characters has changed a bit.Recall that office manager Kevin Broderick's name appeared on memos appearing to set up a questionable commission payment arrangement for a PaineWebber client, the First Financial Federal Credit Union. The credit union was charged excessive commissions on some trades, according to documents The Sun obtained.
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