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E.F. Hutton Chairman Retires

May 06, 1987|Associated Press

NEW YORK — E.F. Hutton Group Inc. Chairman Robert Fomon retired today, ending a 17-year tenure as head of the big brokerage firm that was marred when the firm pleaded guilty in 1985 to 2,000 counts of federal mail and wire fraud in connection with a check-overdrafting scheme.

Fomon, 62, who helped build Hutton into one of the 10 largest brokerage firms on Wall Street, will receive an immediate $4-million retirement payment and a supplemental pension in addition to his regular pension, the company said.

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