Typical Wirehouse Scam
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Jul 31, 2008 12:28 am
Ex-Wachovia Broker Barred, Gets $2.2M Fine
Bond Buyer
By Lynn Hume
July 29, 2008
Guy P. Riordan, a broker with First Union Securities and Wachovia Securities LLC in Albuquerque who retired in 2007, has been barred from the securities industry and ordered to pay or disgorge a total of $2.2 million for giving cash kickbacks to former New Mexico Treasurer Michael Montoya in return for obtaining state investment business from 1999 through 2002.
…they barred me after I retired…
I suppose he did cry about the 2.2 mil, though...that probably threw a wrench in his retirement plans...That’s what jails are for. And nobody wants those guys out of the business more than other wirehouse FA’s.