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CALIFORNIA | SECURITIES | THE STATE

Brokerage Owner's Assets Frozen

March 14, 1997|Times Staff and Wire Reports

The Securities and Exchange Commission said it obtained a temporary restraining order freezing the personal assets of William Sedkey Saydein, owner of defunct W.S. Clearing, a Glendale-based brokerage. The firm, which cleared trades and handled 15,000 accounts for 18 small brokerages nationwide, was shut down March 6 after its capital evaporated. On Thursday the SEC alleged that Saydein on March 4 transferred $1.9 million from a W.S. Clearing account to his personal bank account. Saydein could not be reached for comment. The SEC said its investigation is continuing.

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