Typical Wirehouse Scam

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Jul 30, 2008 8:28 pm

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.

Jul 30, 2008 8:48 pm

...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...
Aug 2, 2008 11:55 pm

That's what jails are for.  And nobody wants those guys out of the business more than other wirehouse FA's.

Aug 5, 2008 8:17 pm

that's the guy they caught.