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BRIEFLY

Securities

March 12, 1992|From Times Staff and Wire Reports

New York City Probes Possible First Boston Improprieties: The city's corporation counsel, O. Peter Sherwood, said the city has notified the SEC that it is looking into First Boston's purchase of $13 million in city bonds while First Boston was senior manager on a $1-billion New York bond offering. First Boston said it purchased the bonds on behalf of the city. First Boston and Sherwood said the probe confirmed that no insider trading took place, but Sherwood added that the investigation is continuing to clear up "loose ends." First Boston said any implication that it deviated from its "high standards of integrity" is unfair and unfounded.

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