A Little Light Reading

Arbitration can be ugly. Of course, you already know that. But two new books consider the battleground from different perspectives. Brokerage Fraud: What Wall Street Doesn't Want You To Know, written by securities arbitration lawyers Tracy Pride Stoneman and Douglas Schulz, describes nefarious sales practices and explores resulting arbitration from the investor's point of view. Honest brokers have

Arbitration can be ugly. Of course, you already know that. But two new books consider the battleground from different perspectives.

Brokerage Fraud: What Wall Street Doesn't Want You To Know, written by securities arbitration lawyers Tracy Pride Stoneman and Douglas Schulz, describes nefarious sales practices and explores resulting arbitration from the investor's point of view. “Honest brokers have nothing to fear from this book,” writes George Mullen of UBS PaineWebber, on the book jacket.

Merrill Lynch: The Cost Could Be Fatal, details Keith Schooley's career at an Oklahoma Merrill Lynch branch, a career that lasted one-seventh the time of his legal battle for a settlement. Schooley was fired after a year at the firm spanning 1991 and 1992, much of which seems given to reporting misdeeds — some large, some not — at the branch. His drawn-out arbitration battle failed, and with legal recourse exhausted, he wrote and self-published this gossipy tome to tell his side of the story. The forward is written by his initial attorney, Stephen Jones, better known for representing executed bomber Timothy McVeigh.

COMINGS&GOINGS

  • Raymond James Financial said Dennis W. Zank will become president of its Raymond James & Associates broker/dealer subsidiary Oct. 1, replacing Thomas S. Franke, who is retiring from day-to-day management after 12 years with the firm. Zank, a 24-year Raymond James veteran, was executive vice president of operations and administration. Franke will remain a consultant.

  • Christopher L. Johnston and Kevin R. Stutz will join Federated's sales team as vice presidents and regional sales managers. Johnston will serve as regional manager for the Central region, overseeing reps that market to brokers in 13 states. Stutz, hired as regional manager for the West, oversees reps that sell to the Edward Jones team in 22 states.

  • Wells Fargo Private Client Services has hired a team of ‘clearing’ professionals to expand its St. Louis-based Wells Fargo Investments Correspondent Services and give it more autonomy. The new director is John Hickey, formerly president of RBC Dain Correspondent Services. Joining Hickey is Steve Brown, vice president and director of operations, and Brenda Swenson, vice president and director of sales and marketing. Brown came directly from RBC Dain; Swenson, most recently with Fidelity Institutional, previously worked at RBC Dain.

  • Merrill Lynch Investment Managers names Daniel J. Dart, formerly executive vice president of U.S. sales at Pioneer Investments, as COO of Americas third-party retail. He will oversee efforts to expand retail distribution opportunities with broker/dealers, registered investment advisors, insurance companies and banks.

  • A.G. Edwards' brokerage unit named Peter M. Miller sales and marketing director to replace Benjamin F. Edwards IV, who now heads the Town and Country, Mo., branch, the firm's third largest office.

Dow Fact

  • Year the Dow Jones Industrial Average hit 100: 1906
  • Years before it passed 100 for good: 18
  • Year the Dow hit 1,000: 1972
  • Years before passing 1,000 for good: 11
  • Year the Dow hit 10,000: 1999
  • Years before passing 10,000 for good:3, and counting
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