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NEWS
August 1, 1994
As the U.S. Supreme Court sees it, a worker who faces comments, gestures, actions or attitudes lewd enough to prompt a "reasonable person" to find the atmosphere "hostile or abusive" can justifiably charge the offending party with harassment. As stock brokers and other members of the securities industry see it, that standard of conduct doesn't apply to them.That's largely the Supreme Court's fault; in 1991, it upheld the industry's right to enforce mandatory arbitration in cases of alleged bias.
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BUSINESS
By Lorraine Mirabella, The Baltimore Sun | March 5, 2014
A former Towson-based financial advisor for Signator Investors Inc. was found liable, along with the firm, for losses of elderly clients' retirement funds, according to a decision Tuesday by arbitrators for a securities industry regulator. The Financial Industry Regulatory Authority panel awarded almost $1.6 million to the former broker's clients - Edward A. Blank, Doreen Baker Blank and the estate of Della A.B. Baker - for losses and fees, according to a FINRA award. The clients, who were advised by broker James Robert Glover at Signator over 14 years, lost all their retirement savings after investments were placed in risky products, according to their attorneys at New Orleans law firm Fishman Haygood Phelps Walmsley Willis & Swanson.
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BUSINESS
By BLOOMBERG NEWS | July 28, 1999
WASHINGTON -- The Securities and Exchange Commission approved a rule yesterday requiring brokerages to cease business and transfer customer accounts to other securities firms if they haven't adequately addressed Year 2000 computer problems by Nov. 15.The rule isn't expected to put many firms at risk of being closed, since most passed readiness tests conducted by the Securities Industry Association in March and April."
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 22, 2012
Survey after survey shows that many workers don't know how much they shell out in 401(k) fees — or that they even pay them. But can you blame employees? Fees aren't transparent, and account statements usually reflect the balance after the charges have been taken out. Yet employees likely will spend tens of thousands of dollars in investment and other 401(k)-related fees over their careers. Even many employers aren't sure of the true cost of their plan, although they have a duty to ensure that the fees are "reasonable.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | November 18, 1997
NEW YORK -- Smith Barney Inc. is expected to announce today a settlement of a class-action lawsuit that accused the firm of denying women promotions and doing nothing while brokers harassed women employees.Under the settlement, women employees would take their claims to an independent arbitrator outside the securities industry, people involved with the negotiations said.Such a move is a radical departure for a Wall Street firm. Wall Street firms have typically fought long and hard to have all disputes -- whether with clients or employees -- settled by industry arbitrators.
BUSINESS
By BLOOMBERG NEWS | November 29, 1997
NEW YORK -- Travelers Group Inc. said yesterday that it completed its $9.3 billion acquisition of Salomon Inc., the largest purchase of a securities firm in the United States.Travelers, an insurer and consumer finance company, is joining its Smith Barney Inc. brokerage with Salomon Brothers Inc., the world's biggest bond trader, to create the second largest U.S. securities firm and a financial services powerhouse. The new firm is called Salomon Smith Barney Inc.The merger combines "a large domestic retail distributor with a very good fixed-income, 'OK' global investment bank," said Schroder & Co. analyst James Hanbury, who advises investors to buy Travelers stock.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | October 12, 2011
Maryland's attorney general alleged Wednesday that a Baltimore man had defrauded investors of nearly $500,000 and ordered him to stop selling securities and acting as an investment advisor, activities for which he was not registered. Attorney General Douglas F. Gansler is seeking fines and a permanent ban from the securities industry for Casey Charles and his company, Infinite Equity Strategies LLC. In a cease-and-desist order, the state accused Charles of transferring retirement funds of investors to an out-of-state company, which later transferred the money to his own bank accounts.
BUSINESS
By NEW YORK TIMES NEWS SERVICE | May 8, 1996
LONDON -- Peter Norris, who ran investment banking at Barings PLC when it collapsed last year after $1.3 billion in trading losses, was banned yesterday by British authorities from working in a senior executive position in the securities industry for three years.As chief executive of the investment arm, Norris was the executive ultimately responsible for overseeing Nicholas Leeson, the trader who ran up the huge losses in unauthorized dealings from Singapore.Leeson is serving a 6 1/2 -year prison term there.
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 David Conn and David Conn,Sun Staff Writer | January 1, 1995
Those divining the fortunes of the securities industry in 1995 are honing in on a set of key factors. The top three, in order of importance, are: interest rates, interest rates, and interest rates.It was interest rates, or their sharp turnaround last year, that cut the legs from under a three-year record run of earnings for securities firms. Pretax profits for New York Stock Exchange member firms that do business with the public dropped from $6.6 billion in the first nine months of 1993, to $1.4 billion in the same period last year.
BUSINESS
By Gus G. Sentementes, The Baltimore Sun | October 12, 2011
Maryland's attorney general alleged Wednesday that a Baltimore man had defrauded investors of nearly $500,000 and ordered him to stop selling securities and acting as an investment advisor, activities for which he was not registered. Attorney General Douglas F. Gansler is seeking fines and a permanent ban from the securities industry for Casey Charles and his company, Infinite Equity Strategies LLC. In a cease-and-desist order, the state accused Charles of transferring retirement funds of investors to an out-of-state company, which later transferred the money to his own bank accounts.
NEWS
By Martin O'Malley | January 25, 2010
Last year, I stood next to President Barack Obama at the White House, when he pledged to make securing the country's most vital computer networks a top economic and national security priority. It's a task that President Obama has described as the "most serious economic and national security challenge we face as a nation." Recent news that Google was victim to a "highly sophisticated and targeted attack" is a stark reminder that, as individuals and as a nation, we must be more vigilant and more determined in our efforts to secure our cyber infrastructure.
BUSINESS
By Tom Petruno and Tom Petruno,LOS ANGELES TIMES | February 19, 2005
Allegations that American Funds arranged improper sales deals with brokers are posing a quandary for financial advisers, who have helped make the Los Angeles firm the nation's most popular mutual fund company in recent years. After 17 months of revelations that have rocked the fund industry, some advisers say it's difficult to find high-quality companies that haven't had their reputations sullied. "Quite honestly, where else do you go?" asked Emerson Fersch, a principal at Capital Investment Advisers in Long Beach, Calif.
BUSINESS
By Thomas S. Mulligan and Thomas S. Mulligan,LOS ANGELES TIMES | January 1, 2005
NEW YORK - At the Sherry-Lehmann wine shop on Madison Avenue, $500 bottles of Bordeaux are selling at a clip that owner Michael Aaron figures is 7 percent ahead of 2003's pace. "It's instant gratification," Aaron said last week, "and why not get it?" The reason for the increase: Wall Street securities firms have been shelling out their annual bonuses, the discretionary six- and seven-figure payouts that can account for up to 90 percent of an investment banker's or bond trader's income.
BUSINESS
By BLOOMBERG NEWS | December 10, 2004
NEW YORK - Fidelity Investments and other fund management companies may not reap much of a windfall from President Bush's plan to establish private Social Security accounts, according to a Securities Industry Association report yesterday. Restrictions on investment options and administrative costs may limit revenue for the firms to $39 billion over 75 years - about 1 percent of the $3.3 trillion total revenue forecast for the financial sector in that period, according to the report by the Washington-based lobbyist for the securities industry.
BUSINESS
By KNIGHT RIDDER/TRIBUNE | October 19, 2003
How do you pick a financial adviser? By carefully working your way through the adviser's credentials, the price you'll pay and the services you'll receive. When the sales pitch comes your way, examine it closely, item by item. How will the adviser be paid? There are fewer and fewer commissioned sales people in the securities industry. Many brokers have switched to a percentage fee structure that's based on the dollar amount of assets under management that can range from 1 percent to 3 percent.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 9, 1995
A. B. Krongard, chairman and chief executive of Alex. Brown Inc., will be named chairman of the Securities Industry Association tomorrow at the trade group's annual meeting in Boca Raton, Fla.The association represents more than 760 brokerage firms, mutual funds and investment bankers.Mr. Krongard said his agenda as chairman of the organization will include working to educate consumers about the importance of savings and investing; lobbying for legislation that gives investors incentives, such as tax breaks, to save money; and working to retain and build public trust in the securities industry.
NEWS
By GARY MIZEL | September 26, 1991
Denver -- The securities industry is constantly adapting to changing market conditions. From the arbitragers who hedge on stock, bond and commodity ''spreads'' to the creators of ''equity derivatives'' such as foreign stock-exchange index options, the securities exchanges are often at the forefront in the invention of new ways to invest in advantageous market situations.As I see it, the marketing of small minority-owned businesses to the securities industry could create the next generation of fortunes on Wall Street.
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