Paron my ignorance- who is Kevin Burke?

I meant to say- “Pardon”.  Grammar police stay away!

One of RR's reporters.

He did the "Mess in Merrill/San Antonio" story which is about a former PRU/MER broker suing another former PRU/MER broker.

The reason I have interest in this case is that the EEOC case the former PRU/MER broker filed 2 weeks ago against MER is the first, to my knowledge, of a male broker filing a reverse discrimination suit.

If I read the piece correctly--which I admit to not doing carefully--it appeared that both the male and female had both previously extorted money from a broker/dealer.

The lure of easy money is difficult to ignore.

Wall Street is so gun shy about so many things--but among the most obscene displays of failure to "grow a pair" is the willingness, even eagerness, to pay extortion to the plaintiff's bar.

Being identified by tort whores as an easy mark was a terrible mistake, but the genie is out of the bottle--Miley vs Oppenheimer was a terrible day.

I am not familiar with Miley vs. Oppenheimer. Was this the EEOC case brought against OPY's former General Counsel?

On the men vs. women or whites vs. blacks et al issues it's a shame professionals can't put aside differences they can't change and just work together and get the job done.

I think the situation in San Antonio at both the former PRU and current MER offices could have been avoided had senior management been more selective in the past with branch managers. From what I hear, MER in SA has a very good one now and there's not much of an issue with EEOC related "problems." Wachovia brought one of their own in (Bill Lee) to manage that PRU office. He's about average for the biz I am told.

FD: Never initiated litigation against any former employer for any reason. I honestly don't feel being female was a detriment.

Never mind on Miley vs. OPY (churning).

Thanks for pointing that one out. I found a few interesting things with respect to South Carolina securities laws I may pass along to friends (current securities fraud case we're working on).

[quote=ymh_ymh_ymh]

Never mind on Miley vs. OPY (churning).

Thanks for pointing that one out. I found a few interesting things with respect to South Carolina securities laws I may pass along to friends (current securities fraud case we're working on).

[/quote]

For years the phrase, "....we seek damages per Wiley vs Oppenheimer..." or however the attorneys would phrase it struck terror in the hearts of senior officers and the urge to settle became part of the genetic pool.

For those who may not know--this case was a churning case.  The plaintiff was a pitiful widow--classic little old lady.  The case was tried in December and the jury awarded her 100% of her losses plus 300% of her losses as a punitive award.

It was often considered to be a form of Christmas present to the little lady--I am under the impression the jury came to its verdict on Christmas eve, but that may be a mahogany row legend rather than fact.

The AUM business model blunted the risk of churning, but the mood to settle was set by the fear of verdicts that were hundreds of times the actual damages.

It also spurred the street's leadership to embrace the idea of NASD and NYSE arbitration instead of litigation--panels are far less likely to award punitive damages than a jury.

Then there was the Sandra Day O'Connor opinon and litigation all but disappeared--but "let's settle" is still heard too often to suit me.

I'd like to see more JAIL time, myself but the DOJ's too busy chasing down terrorists these days.

I really am glad you brought up Wiley vs. Oppenheimer as some related matters with respect to South Carolina securities laws make it an attractive state as venue on a current case. Hopefully the crims have D&O insurance.

I know what you mean about arbitration being a preferred way to go for a "widows/orphans versus greedy broker" case if you're a b-d.

Do you follow Chris Byron's (NY Post) weekly penny stock and/or chop shop expose stories? I've come to have a new appreciation for him. Roddy Boyd's written a couple of good penny stock expose stories lately, too.

[quote=ymh_ymh_ymh]

Do you follow Chris Byron's (NY Post) weekly penny stock and/or chop shop expose stories? I've come to have a new appreciation for him. Roddy Boyd's written a couple of good penny stock expose stories lately, too.

[/quote]

Byron's columns are circulated as part of the must read stack of stuff--sadly there is no shortage of fodder for his exposes.

Boyd is less familiar to me, but I shall delve into what he has to say.

He's done several recent (past month) exposes on this penny stock scam dog, CSHD.OB. The SEC's looking into it but not very fast. The Atlanta office is one of their "retirement farm" places.

He also did an expose story on Dobi Medical (DBMI.OB). Sterling in Boca IPO p&d special.

Boyd's done some good hedge fund expose pieces, too.

I am pleased to announce that the SEC/NASD/GBI have taken action on

penny stock scam dog, CSHD.OB:



(Name Dropper; Lending Firm CEO Touted Phony Connections - New York

Post)



I was wrong about that office being a “retirement farm.” They’ve been very

busy and I wish to give them the kudos they deserve.



FD: I never traded CSHD.OB long or short. Penny stocks are of no interest to

me. Individuals/entities who use LEH’s, BSC’s, and/or JEF’s good name to run

scams are of interest to me.