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NYSE July Enforcement Cases

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Jul 18, 2005 9:03 pm

FOR IMMEDIATE RELEASE:<?:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />

Wall Street’s Dirty Little Secrets:
  Uncovered and analyzed at

<?:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />New York, New York
July 19, 2005


Every month Wall Street’s regulators issue disciplinary decisions that fine and suspend stockbrokers and their firms --- but many of the more interesting stories get buried among the sheer volume of cases.  Nationally-known regulatory lawyer Bill Singer analyzes the securities industry’s docket and provides insight and provocative commentary.  Here are some of the more unusual New York Stock Exchange (NYSE) items Bill uncovered at this month:


Breaking Your Concentration
Did you hear the one about the 70-year-old leukemia patient whose portfolio was invested in tech sector UITs (89%!) and sustained more than a 50% loss in value within four years.  How about the 77-year-old who funded her account with an inheritance and lost nearly 75% of her investment --- 100% of which was in high tech UITs. An interesting discussion of the unsuitability of overly concentrated portfolios. (Jackson) A Moving Experience
How about the Human Resources employee of UBS Financial Services, Inc. who stole moving company rebates (on five occasions over three years)? (Steffens) Independence --- don’t always bank on it
Then, there were the two guys --- one at Gruntal & Co. LLC and the other at Credit Suisse First Boston --- who didn’t quite get the idea behind an “independent pricing source.” They liked the Bank portfolio manager and provided prices on carried positions that were,somehow, just a tad more favorable to the manager than what was quoted out in the real market. Made the manager look better.  Ultimately, made themselves look bad.(Pelham; Haas) is a leading securities-industry legal/regulatory website.  The content is published by Bill Singer, a veteran Wall Street regulatory lawyer who represents both the industry and the public. 

Bill Singer
[email protected]